https://www.taxtmi.com/caselaws?id=169529 Income derived from a business held under trust for charitable purposes falls within the exemption for property or business held under trust, and is not brought back to tax by the proviso applicable to a business carried on on behalf of a charitable institution. The distinction turns on whether the business itself is the trust property or merely an activity conducted for the institution. On the facts stated, the kuri business was the very object of the trust and was undertaken to raise funds for charitable objects, so the income remained exempt and the reference was answered for the assessee. en-us Wed, 20 Dec 1961 00:00:00 +0530 Sat, 25 Apr 2015 10:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169529 Income derived from a business held under trust for charitable purposes falls within the exemption for property or business held under trust, and is not brought back to tax by the proviso applicable to a business carried on on behalf of a charitable institution. The distinction turns on whether the business itself is the trust property or merely an activity conducted for the institution. On the facts stated, the kuri business was the very object of the trust and was undertaken to raise funds for charitable objects, so the income remained exempt and the reference was answered for the assessee. Case-Laws Income Tax Wed, 20 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169529