8 results for “capital gains”+ Section 119(2)(b)clear
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Bench: V.V.S.RAO,RAMESH RANGANATHAN
b) and (c). In all the three sub-sections the words used are “income derived from property held under trust wholly for charitable purposes”. Under Section 11(4) the expression “property held under trust” includes a business undertaking so held. In other words, income from business undertaking held for charitable purposes can fall under Section 11 subject to such income