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[Section 11(4)] : Income from Business Undertaking of Property held under ‘Charitable Trust’ in Excess of the Income Shown in the Account

Property held under trust’ includes a business undertaking and a claim is made that the income of any such undertaking shall not be included in the total income of the person in receipt thereof, the Assessing Officer shall have power to determine the income of such undertaking and where any income so determined is in excess of the income as shown in the accounts of the undertaking, such excess shall be deemed to be applied to purposes other than charitable or religious purposes. It shall not apply in relation to any income of a trust or an institution, being profits and gains of business, unless the business is incidental to the attainment of the objectives of the trust or, as the case may be, institution and separate books of accounts are maintained by such trust or institution in respect of such business”.

 

CONTENT : Assessment of Trust

Related Topics.....Assessment of TRUST

 
 
 
 
 
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