https://www.taxtmi.com/caselaws?id=49658 The court held that the managing agency constituted under Exhibit B must be treated as property held on trust within section 4(3)(i) of the Indian Income-tax Act, 1922. Regarding the claim for exemption, the court remanded the case to the High Court of Bombay to determine whether the exemption should be under section 4(3)(i) or section 4(3)(ia) of the Act. The respondent was directed to pay the appellant's costs for the appeal and the hearing before the High Court. 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 court held that the managing agency constituted under Exhibit B must be treated as property held on trust within section 4(3)(i) of the Indian Income-tax Act, 1922. Regarding the claim for exemption, the court remanded the case to the High Court of Bombay to determine whether the exemption should be under section 4(3)(i) or section 4(3)(ia) of the Act. The respondent was directed to pay the appellant's costs for the appeal and the hearing before the High Court. Case-Laws Income Tax Wed, 22 May 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49658