https://www.taxtmi.com/caselaws?id=49658 The term "property" in section 4(3)(i) of the Indian Income-tax Act, 1922 was interpreted broadly enough to include a business, so income from a managing agency could, in principle, qualify as income from property held under trust for charitable purposes. The Court treated the managing agency as business and held that a trust could subsist over it even though the arrangement involved services, was terminable at notice, and the trust fund operated only as security. The trust deed and agency agreement were read as part of an integrated scheme, supporting the conclusion that the business itself was property held under trust. en-us Wed, 22 May 1957 00:00:00 +0530 Thu, 22 Jan 2015 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49658 The term "property" in section 4(3)(i) of the Indian Income-tax Act, 1922 was interpreted broadly enough to include a business, so income from a managing agency could, in principle, qualify as income from property held under trust for charitable purposes. The Court treated the managing agency as business and held that a trust could subsist over it even though the arrangement involved services, was terminable at notice, and the trust fund operated only as security. The trust deed and agency agreement were read as part of an integrated scheme, supporting the conclusion that the business itself was property held under trust. Case-Laws Income Tax Wed, 22 May 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49658