https://www.taxtmi.com/caselaws?id=191881 A principal agency business can constitute "property" capable of being held under a charitable trust under section 4(3)(i) of the Income-tax Act, 1922, because "property" is of the widest import and includes a business undertaking. The agency's service element and temporary, terminable character do not prevent it from being business property. The proviso inserted by Act 25 of 1953, which addresses income from business carried on on behalf of a charitable institution, operates in a different field and does not cut down exemption for business itself held on trust for charitable purposes. On that construction, income from the business remains exempt. en-us Mon, 29 Jun 1959 00:00:00 +0530 Sat, 29 Apr 2017 18:05:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191881 A principal agency business can constitute "property" capable of being held under a charitable trust under section 4(3)(i) of the Income-tax Act, 1922, because "property" is of the widest import and includes a business undertaking. The agency's service element and temporary, terminable character do not prevent it from being business property. The proviso inserted by Act 25 of 1953, which addresses income from business carried on on behalf of a charitable institution, operates in a different field and does not cut down exemption for business itself held on trust for charitable purposes. On that construction, income from the business remains exempt. Case-Laws Income Tax Mon, 29 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191881