“Section 14(3)(v)(d)”
The decision most relied on for Section 14(3)(v)(d) is Dr. Motibhai D. Patel v. Commissioner of Income-tax (127 ITR 671), cited in 21 judgments on BharatTax.
Leading authorities on Section 14(3)(v)(d)
If agricultural operations are being carried out on land at the time of sale and revenue records indicate it is agricultural land, a presumption arises that it is agricultural in character, which the revenue must rebut. Permission to convert land to non-agricultural use does not render it non-agricultural if not obtained before the sale.
A trust's charitable character is not lost if its activities generate profits, as long as those profits are obligated to be spent exclusively or essentially on charitable purposes. The genuineness of the charitable purpose, as demonstrated by the obligation to spend the funds, is the key test.
