1926 (1) TMI 5 - HC - Income Tax

Summary

The High Court of Madras held that income from a trust property used for a business is taxable, even if the profits go to charitable purposes. The trustees invested trust funds in a rice mill, breaching trust terms. The court ruled the income from the rice mill is subject to Income Tax, with the manager Arunachalam Chetty liable for the tax and costs. (Case Citation: 1926 (1) TMI 5 - HIGH COURT OF MADRAS)