https://www.taxtmi.com/caselaws?id=187180 Income from investments was not exempt under Section 4(3) of the Indian Income-tax Act, 1922, because the association's property was not held under trust or legal obligation wholly for charitable purposes. The Bombay High Court held that "general public utility" requires an object beneficial to the public generally, not one confined to a limited section such as persons interested in commerce. As the association's objects served only that restricted class, the claim to charitable exemption failed and the Revenue's position prevailed. en-us Wed, 23 Mar 1938 00:00:00 +0530 Wed, 12 Oct 2016 18:40:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187180 Income from investments was not exempt under Section 4(3) of the Indian Income-tax Act, 1922, because the association's property was not held under trust or legal obligation wholly for charitable purposes. The Bombay High Court held that "general public utility" requires an object beneficial to the public generally, not one confined to a limited section such as persons interested in commerce. As the association's objects served only that restricted class, the claim to charitable exemption failed and the Revenue's position prevailed. Case-Laws Income Tax Wed, 23 Mar 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187180