AGASTYAR TRUST Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE question referred to us for decision under section 66 of the Indian Income-tax Act is whether, on the facts and in the circumstances of the case, the income derived by the assessee trust as a partner in the firm of Indian Metal and Metallurgical Corporation is exempt from tax under the provisions of section 4(3)(i) of the Act.

(2.) AN item of property held by this trust is a one-third share in a registered firm of partnership styled Indian Metal and Metallurgical Corporation of Madras. This firm is carrying on business, and, admittedly, the share income of the trust from this business is business income.