https://www.taxtmi.com/caselaws?id=174723 Income derived by a statutory corporation from forest produce can still qualify for exemption where the corporation's predominant object is general public utility and the receipts are actually applied to forest preservation, supervision and development. Commercial exploitation does not by itself defeat exemption if the income is used for those charitable objects. Accumulated or set apart income, however, qualifies only on strict compliance with the statutory conditions for accumulation, including the required notice, purpose, and investment or deposit requirements. On the stated facts, income actually applied to approved public-utility purposes could be exempt, while accumulated income without compliance with the statutory safeguards could not. en-us Tue, 26 Nov 2002 00:00:00 +0530 Fri, 16 Oct 2015 17:05:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174723 Income derived by a statutory corporation from forest produce can still qualify for exemption where the corporation's predominant object is general public utility and the receipts are actually applied to forest preservation, supervision and development. Commercial exploitation does not by itself defeat exemption if the income is used for those charitable objects. Accumulated or set apart income, however, qualifies only on strict compliance with the statutory conditions for accumulation, including the required notice, purpose, and investment or deposit requirements. On the stated facts, income actually applied to approved public-utility purposes could be exempt, while accumulated income without compliance with the statutory safeguards could not. Case-Laws Income Tax Tue, 26 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174723