TaxTMI 
TaxTMI 
1989 (12) TMI 135
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....erived from business held in trust. 2. The facts relating to the assessee have been found by the order of the Tribunal date 12-4-89 in ITA No. 2197 (Mds)/86 in which the question whether the assessee trust was a charitable trust came for consideration. The Appellate Tribunal found that the trust had been declared on 31-7-70 in respect of the handicraft business, with the object of education to be....
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....ht to tax with effect from assessment year 1984-85." Accordingly he proposed an amendment to section 11 by substituting sub-section (4) to state that nothing contained in sub-sections (1), (2), (3) and (3A) of section 11 shall apply to any income being profits and gains of business. However in the Finance Act, 1983 it was enacted as sub-section 4A to the effect that sub-sections (1), (2), (3) and....
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.... assessee that the concept of feeding the trust has not been given up by the amendment and a distinction must be made between the case where the business is given to the trust as an investment and as a business carried on by trust as its own venture. It was also argued that this distinction was supported by the fact that sub-clause (b) of clause 4A refers to business carried on by an institution w....
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....of these exceptions from the general embargo it will not be eligible for the exemptions granted under section 11. This intention becomes loud and clear when we keep in mind the budget speech of the Finance Minister amending the law and making it different from that it was declared by the Supreme Court earlier. 6. The alternative contention of the assessee was that it should be taken to have satis....