https://www.taxtmi.com/caselaws?id=49622 Profits from a cloth distribution scheme were treated as the assessees' taxable income because the activity was carried on by them and the scheme contemplated profit-making, even though the Deputy Commissioner exercised control and the profits were later applied to charity. The statutory exemption under section 4(3)(i-a) of the Indian Income-tax Act, 1922 did not apply because the business was not carried on on behalf of a religious or charitable institution in the prescribed manner. Subsequent charitable use of the profits did not alter their character as income or confer exemption. en-us Fri, 03 Oct 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49622 Profits from a cloth distribution scheme were treated as the assessees' taxable income because the activity was carried on by them and the scheme contemplated profit-making, even though the Deputy Commissioner exercised control and the profits were later applied to charity. The statutory exemption under section 4(3)(i-a) of the Indian Income-tax Act, 1922 did not apply because the business was not carried on on behalf of a religious or charitable institution in the prescribed manner. Subsequent charitable use of the profits did not alter their character as income or confer exemption. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49622