https://www.taxtmi.com/caselaws?id=173746 Income from business held under a charitable trust was treated as exempt because the word "property" in Section 4(3)(i) of the Income-tax Act, 1922 was construed in its ordinary, wide sense to include business assets as well as cash, securities and other movable property. The later insertion of Section 4(3)(ia) was read as operating in a different field and not impliedly restricting the earlier special exemption. In fiscal interpretation, reasonable doubt was resolved in favour of the assessee, supporting exemption for the trust business. en-us Tue, 07 Mar 1944 00:00:00 +0630 Tue, 22 Sep 2015 10:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173746 Income from business held under a charitable trust was treated as exempt because the word "property" in Section 4(3)(i) of the Income-tax Act, 1922 was construed in its ordinary, wide sense to include business assets as well as cash, securities and other movable property. The later insertion of Section 4(3)(ia) was read as operating in a different field and not impliedly restricting the earlier special exemption. In fiscal interpretation, reasonable doubt was resolved in favour of the assessee, supporting exemption for the trust business. Case-Laws Income Tax Tue, 07 Mar 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=173746