Income earned by trust from business activities eligible for exemption if primary objects were charitable

HIGH COURT OF MADRAS Commissioner of Income-tax, Madurai Versus Janakiammal Ayyanadar Charitable Trust Tax Case (Appeal) Nos. 1566 & 1567 of 2005 Date of Pronouncement – September 18, 2012  JUDGMENT Mrs. Chitra Venkataraman, J. The Revenue is on appeal as against the order of the Tribunal relating to the assessment years 1990-91 and 1991-92. 2. It is seen from the narration of facts herein that the assessee Trust herein was created on 30.04.1957 mainly for educational and charitable purposes. The founders gifted the land and the business run in the name of “Th...