https://www.taxtmi.com/caselaws?id=28200 Where a trust deed authorises trustees to carry on mining or lending business with trust assets and treats that business as trust property, the business is held under trust for exemption purposes under section 4(3)(i) of the Income-tax Act, 1922. The fact that the business pre-existed the trust was not treated as essential to the exemption. Once the business and its income were held to be within the trust, the proviso withdrawing exemption did not apply on the facts found, so the trust income remained outside tax under that proviso. en-us Mon, 12 Jan 1981 00:00:00 +0530 Fri, 19 Feb 2010 16:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28200 Where a trust deed authorises trustees to carry on mining or lending business with trust assets and treats that business as trust property, the business is held under trust for exemption purposes under section 4(3)(i) of the Income-tax Act, 1922. The fact that the business pre-existed the trust was not treated as essential to the exemption. Once the business and its income were held to be within the trust, the proviso withdrawing exemption did not apply on the facts found, so the trust income remained outside tax under that proviso. Case-Laws Income Tax Mon, 12 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28200