https://www.taxtmi.com/caselaws?id=6517 Income from a kuri business remained exempt under section 11(1)(a) where the business itself was held under trust for religious or charitable purposes; the later definition of "charitable purpose" in section 2(15) did not alter that position, and the exemption was sustained. A power in the articles to set apart reserves did not, by itself, destroy charitable character; the decisive factor was the actual application of income, and reserves would matter only if used inconsistently with the charitable objects. The appeals failed, and the assessee's exemption was upheld on the facts found. 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 remained exempt under section 11(1)(a) where the business itself was held under trust for religious or charitable purposes; the later definition of "charitable purpose" in section 2(15) did not alter that position, and the exemption was sustained. A power in the articles to set apart reserves did not, by itself, destroy charitable character; the decisive factor was the actual application of income, and reserves would matter only if used inconsistently with the charitable objects. The appeals failed, and the assessee's exemption was upheld on the facts found. Case-Laws Income Tax Mon, 22 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6517