https://www.taxtmi.com/caselaws?id=189955 Managing agency commission earned by trustees was held not to be exempt under Section 4(3)(i) because the income did not directly and substantially arise from property held under trust. The charitable trust covered only the settled fund, which was kept as deposit security and yielded interest, while the commission arose from the trustees' services as managing agents, not from the trust property itself. The fact that received income was subject to a charitable obligation was insufficient for exemption. The commission therefore remained taxable and the answer was against the assessee. en-us Mon, 06 Oct 1952 00:00:00 +0530 Fri, 27 Jan 2017 17:32:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189955 Managing agency commission earned by trustees was held not to be exempt under Section 4(3)(i) because the income did not directly and substantially arise from property held under trust. The charitable trust covered only the settled fund, which was kept as deposit security and yielded interest, while the commission arose from the trustees' services as managing agents, not from the trust property itself. The fact that received income was subject to a charitable obligation was insufficient for exemption. The commission therefore remained taxable and the answer was against the assessee. Case-Laws Income Tax Mon, 06 Oct 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189955