https://www.taxtmi.com/caselaws?id=15878 Income derived from chit fund business was held outside exemption under section 11 because the activity fell within the statutory bar in section 13(1)(bb) for assessment years after 1 April 1977. The court applied its earlier view that section 11 was unavailable where the business was not carried on in the course of actually carrying out the primary purpose of the trust. Exemption was therefore denied for chit fund income, while the assessee's other income remained eligible for exemption and was not affected by that disqualification. en-us Thu, 30 Apr 1998 00:00:00 +0530 Sat, 29 Aug 2009 16:28:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15878 Income derived from chit fund business was held outside exemption under section 11 because the activity fell within the statutory bar in section 13(1)(bb) for assessment years after 1 April 1977. The court applied its earlier view that section 11 was unavailable where the business was not carried on in the course of actually carrying out the primary purpose of the trust. Exemption was therefore denied for chit fund income, while the assessee's other income remained eligible for exemption and was not affected by that disqualification. Case-Laws Income Tax Thu, 30 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15878