https://www.taxtmi.com/caselaws?id=58085 Where a trust's business income falls outside Chapter III exemption, it is assessed under the normal charging and computation provisions, and exemption under section 11 is not available for that income. Once taxable, the business income must be computed in accordance with the Act, so carry forward and set-off of earlier business losses and consideration of investment allowance may be examined on merits if the statutory conditions are met. A provision for contribution to a recognised gratuity fund was also treated as allowable, as the fund was approved for the relevant period and the amount fell within the statutory exception to disallowance. en-us Thu, 27 Nov 1986 00:00:00 +0530 Fri, 17 Dec 2010 12:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58085 Where a trust's business income falls outside Chapter III exemption, it is assessed under the normal charging and computation provisions, and exemption under section 11 is not available for that income. Once taxable, the business income must be computed in accordance with the Act, so carry forward and set-off of earlier business losses and consideration of investment allowance may be examined on merits if the statutory conditions are met. A provision for contribution to a recognised gratuity fund was also treated as allowable, as the fund was approved for the relevant period and the amount fell within the statutory exception to disallowance. Case-Laws Income Tax Thu, 27 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58085