Supreme Court of India
J. K. Trust, Bombay v. The Commissioner of Income-tax/excess Profits Tax, Bombay
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What the Court ordered
In the result, we remand the case to the High Court of Bombay for a fresh disposal of the reference on a consideration of the second question.
Judgment, page 14
From the headnote
Income Tax-Trust-Exemption from taxation-Trustees con ducting business of Managing Agency for the Trust-Business, whether "property"-Incomefrom Managing Agency, whether income derived from property held on trust-Indian Income-tax Act, 1922 (XI of 1922), s. 4(3) (i) and (ia). deed of trust whereby a sum of Rs. 1 lac was settled on various charities specified therein provided for the acquisition of the business of managing agency on behalf of the trust and with the help of the trust fund. The trustees of the said trust (appellant) became the managing agents of a public company. The agreement
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