https://www.taxtmi.com/caselaws?id=49372 Business is property capable of being held under trust, and a trust of business income partly for religious or charitable purposes falls within section 4(3)(i) of the Indian Income-tax Act, 1922. The phrase "in part" is not limited to an aliquot share of the property itself; it also covers cases where the business is held in trust and only part of the income is applied to religious or charitable objects. Proviso (b) applies only to income from a business carried on on behalf of a religious or charitable institution, not to a business itself held under trust. Accordingly, the charitable portion of the income is exempt under the main clause. en-us Wed, 29 Apr 1964 00:00:00 +0530 Wed, 18 May 2016 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49372 Business is property capable of being held under trust, and a trust of business income partly for religious or charitable purposes falls within section 4(3)(i) of the Indian Income-tax Act, 1922. The phrase "in part" is not limited to an aliquot share of the property itself; it also covers cases where the business is held in trust and only part of the income is applied to religious or charitable objects. Proviso (b) applies only to income from a business carried on on behalf of a religious or charitable institution, not to a business itself held under trust. Accordingly, the charitable portion of the income is exempt under the main clause. Case-Laws Income Tax Wed, 29 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49372