https://www.taxtmi.com/caselaws?id=267305 A trust's phased sale of unutilised land acquired for charitable objects was treated as an incidental realisation of surplus property, not a separate profit-making business. The proceeds were applied to the trust's educational activities, so the transaction was found aligned with the predominant charitable purpose. On those facts, the profit was not assessable as business income, and the exemption claim was upheld. The proviso to section 2(15) was held inapplicable because the trust's dominant object remained education and there was no diversion of profits to non-charitable purposes. en-us Tue, 29 Sep 2015 00:00:00 +0530 Wed, 04 Nov 2015 09:44:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267305 A trust's phased sale of unutilised land acquired for charitable objects was treated as an incidental realisation of surplus property, not a separate profit-making business. The proceeds were applied to the trust's educational activities, so the transaction was found aligned with the predominant charitable purpose. On those facts, the profit was not assessable as business income, and the exemption claim was upheld. The proviso to section 2(15) was held inapplicable because the trust's dominant object remained education and there was no diversion of profits to non-charitable purposes. Case-Laws Income Tax Tue, 29 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267305