https://www.taxtmi.com/caselaws?id=458644 The Kerala HC held that a trust registered under Section 12A conducting chitty/kuri business was entitled to exemption under Section 11. The court determined that the kuri business constituted a business held under trust, not carried on by the trust, making it property held under trust per Section 11(4). Following the SC precedent in Thanthi Trust, the court ruled that income from business utilized for achieving trust objectives is incidental to trust purposes and qualifies for exemption. The court rejected the Delhi HC's restrictive interpretation, finding it contrary to judicial discipline, and decided in favor of the assessee against the Revenue. en-us Fri, 13 Nov 2020 00:00:00 +0530 Mon, 11 Nov 2024 18:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458644 The Kerala HC held that a trust registered under Section 12A conducting chitty/kuri business was entitled to exemption under Section 11. The court determined that the kuri business constituted a business held under trust, not carried on by the trust, making it property held under trust per Section 11(4). Following the SC precedent in Thanthi Trust, the court ruled that income from business utilized for achieving trust objectives is incidental to trust purposes and qualifies for exemption. The court rejected the Delhi HC's restrictive interpretation, finding it contrary to judicial discipline, and decided in favor of the assessee against the Revenue. Case-Laws Income Tax Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458644