https://www.taxtmi.com/caselaws?id=9010 Charitable exemption under the Income-tax Act is preserved where kuri operations are only the mode of raising funds and not the institution's charitable object. The earlier view treating the kuri business as property held under trust supported exemption under section 11(1)(a), while section 2(15) did not defeat the claim because the profit activity restriction was not attracted to the charitable objects. A memorandum clause permitting creation of reserves did not alter the institution's charitable character, since character depends on its objects and actual application of income to charitable purposes. The text states that incidental profits and reserve provisions do not, by themselves, negate exemption when income is so applied. en-us Thu, 05 Oct 1972 00:00:00 +0530 Thu, 18 Jun 2009 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9010 Charitable exemption under the Income-tax Act is preserved where kuri operations are only the mode of raising funds and not the institution's charitable object. The earlier view treating the kuri business as property held under trust supported exemption under section 11(1)(a), while section 2(15) did not defeat the claim because the profit activity restriction was not attracted to the charitable objects. A memorandum clause permitting creation of reserves did not alter the institution's charitable character, since character depends on its objects and actual application of income to charitable purposes. The text states that incidental profits and reserve provisions do not, by themselves, negate exemption when income is so applied. Case-Laws Income Tax Thu, 05 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9010