https://www.taxtmi.com/caselaws?id=6517 Income from a kuri business held under trust for charitable or religious purposes qualifies for exemption under section 11(1)(a), notwithstanding the definition of charitable purpose in section 2(15). The distinction is between a business itself held in trust and a business conducted to advance general public utility with profit-making activity. A constitutional power to create reserves does not, by itself, negate charitable status; exemption may be challenged only if reserves are actually applied inconsistently with charitable objects. The exemption was sustained because the business was held in trust and the reserves did not undermine the institution's charitable purpose. en-us Mon, 22 Aug 1977 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6517 Income from a kuri business held under trust for charitable or religious purposes qualifies for exemption under section 11(1)(a), notwithstanding the definition of charitable purpose in section 2(15). The distinction is between a business itself held in trust and a business conducted to advance general public utility with profit-making activity. A constitutional power to create reserves does not, by itself, negate charitable status; exemption may be challenged only if reserves are actually applied inconsistently with charitable objects. The exemption was sustained because the business was held in trust and the reserves did not undermine the institution's charitable purpose. Case-Laws Income Tax Mon, 22 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6517