https://www.taxtmi.com/caselaws?id=175042 Income from business held under trust for religious or charitable purposes falls within the exemption in section 4(3)(i) because "property" was construed to include business. Proviso (b) was read as applying only to business carried on on behalf of such an institution, not to business itself constituting trust property, so it does not narrow the main exemption where the income is applied or accumulated for the trust's objects. en-us Mon, 22 Oct 1962 00:00:00 +0530 Wed, 04 Nov 2015 11:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175042 Income from business held under trust for religious or charitable purposes falls within the exemption in section 4(3)(i) because "property" was construed to include business. Proviso (b) was read as applying only to business carried on on behalf of such an institution, not to business itself constituting trust property, so it does not narrow the main exemption where the income is applied or accumulated for the trust's objects. Case-Laws Income Tax Mon, 22 Oct 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175042