https://www.taxtmi.com/caselaws?id=189955 Section 4(3)(i) exempts only income that is directly derived from property held under a trust for charitable purposes; income later applied to charity is insufficient. The managing-agency commission was remuneration for personal services rendered by trustees and arose from those services, not from the trust corpus (which consisted solely of a deposited sum held as security). The deposit generated interest (separately exempt) but was not employed in the managing-agency business. Consequently the commission did not qualify as income derived from trust property and the exemption claim fails; the revenue position succeeds. 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 Section 4(3)(i) exempts only income that is directly derived from property held under a trust for charitable purposes; income later applied to charity is insufficient. The managing-agency commission was remuneration for personal services rendered by trustees and arose from those services, not from the trust corpus (which consisted solely of a deposited sum held as security). The deposit generated interest (separately exempt) but was not employed in the managing-agency business. Consequently the commission did not qualify as income derived from trust property and the exemption claim fails; the revenue position succeeds. Case-Laws Income Tax Mon, 06 Oct 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189955