https://www.taxtmi.com/caselaws?id=17579 The Kerala High Court, in a case concerning the income of a trust from a chitty fund, ruled that the trust's income, derived from the chitty fund and remaining with the firm, was not taxable under sections 11 and 13 of the Income-tax Act. The court found that the trust's founders were engaged in commercial activities, not charitable or religious, thus disallowing tax exemption under section 11. The court rejected the Revenue's arguments and directed that the provisions of section 13 were not applicable to tax the trust's income from the chitty fund. The Income-tax Appellate Tribunal was instructed to act accordingly. en-us Mon, 01 Jul 1996 00:00:00 +0530 Wed, 23 Sep 2009 14:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17579 The Kerala High Court, in a case concerning the income of a trust from a chitty fund, ruled that the trust's income, derived from the chitty fund and remaining with the firm, was not taxable under sections 11 and 13 of the Income-tax Act. The court found that the trust's founders were engaged in commercial activities, not charitable or religious, thus disallowing tax exemption under section 11. The court rejected the Revenue's arguments and directed that the provisions of section 13 were not applicable to tax the trust's income from the chitty fund. The Income-tax Appellate Tribunal was instructed to act accordingly. Case-Laws Income Tax Mon, 01 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17579