https://www.taxtmi.com/caselaws?id=14405 Trust income used in a business carried on to advance the objects of the trust may qualify for exemption under section 11 of the Income-tax Act, where the activity is treated as incidental to or in furtherance of the trust's charitable or religious purposes. A tax refund, however, is not income derived from property held under trust and does not fall within section 11(2) for application of income. The stated principle is that both exemption and accumulation under section 11 depend on income traceable to trust property, not on a refund arising independently of such property. en-us Wed, 17 Jan 2001 00:00:00 +0530 Wed, 15 Jul 2009 16:25:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14405 Trust income used in a business carried on to advance the objects of the trust may qualify for exemption under section 11 of the Income-tax Act, where the activity is treated as incidental to or in furtherance of the trust's charitable or religious purposes. A tax refund, however, is not income derived from property held under trust and does not fall within section 11(2) for application of income. The stated principle is that both exemption and accumulation under section 11 depend on income traceable to trust property, not on a refund arising independently of such property. Case-Laws Income Tax Wed, 17 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14405