Supreme Court of India
Commissioner of Income Tax v. Dharmodayan & Co., Kerala
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What the Court ordered
For the reasons mentioned above, that the income derived by the assessee from the kuries is exempt from taxation under section 11(1) (a) of the Act of 1961.
Judgment, page 10
From the headnote
lru:ome-Tax Act, 1961-ss. ll(l)(a) and 2(lS) and Indian Income-Tax .Ct. 1922-s. 4(3)(i)-Scope of change in the two provisions. Assessee carrying. on business of kuries (chit funds)-High Court held a.uessee's income exempt from tax under 1922 Act-Income Tax Officer held that earlier decision no longer law because of change in definition of charitable purpose under 1961 Act-Earlier decision, if good law. Under s. 4(3) (i) of the Indian Income-tax Act, 1922 income derived from pcoperty held under trust for religious or charitable purposes was exempt from taxation in so far as such income was
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