https://www.taxtmi.com/caselaws?id=8179 Business held under trust was treated as property for exemption under section 4(3)(i) of the Indian Income-tax Act, 1922, so income derived from such business qualified for charitable trust exemption. Proviso (b) was held to apply only to business carried on on behalf of a religious or charitable institution, not to business comprised in trust property, and therefore did not defeat the exemption. The record also did not show that the hessian transaction was mere speculation outside the trust's business income, so the income of Rs. 5,31,584 remained exempt. en-us Tue, 31 Mar 1970 00:00:00 +0530 Tue, 31 Mar 2009 19:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8179 Business held under trust was treated as property for exemption under section 4(3)(i) of the Indian Income-tax Act, 1922, so income derived from such business qualified for charitable trust exemption. Proviso (b) was held to apply only to business carried on on behalf of a religious or charitable institution, not to business comprised in trust property, and therefore did not defeat the exemption. The record also did not show that the hessian transaction was mere speculation outside the trust's business income, so the income of Rs. 5,31,584 remained exempt. Case-Laws Income Tax Tue, 31 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8179