https://www.taxtmi.com/caselaws?id=39694 The High Court held that income from kuri (chit funds) and interest income earned by the assessee was taxable for the assessment years 1962-63 to 1968-69. The court found that the income did not qualify for exemption under section 11 of the Income-tax Act due to the non-charitable nature of the assessee's activities, such as conducting kuries and lending money on interest. Despite amendments to the memorandum and articles of association, the income remained taxable as it could be applied to non-charitable purposes. The court ruled against the assessee, directing each party to bear their own costs. en-us Wed, 12 Jun 1974 00:00:00 +0530 Mon, 19 Apr 2010 16:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39694 The High Court held that income from kuri (chit funds) and interest income earned by the assessee was taxable for the assessment years 1962-63 to 1968-69. The court found that the income did not qualify for exemption under section 11 of the Income-tax Act due to the non-charitable nature of the assessee's activities, such as conducting kuries and lending money on interest. Despite amendments to the memorandum and articles of association, the income remained taxable as it could be applied to non-charitable purposes. The court ruled against the assessee, directing each party to bear their own costs. Case-Laws Income Tax Wed, 12 Jun 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39694