COMMISSIONER OF INCOME-TAX KERALA ANDCOIMBATORE vs KRISHNA WARRIAR

The Supreme Court held that the business operated under the name 'Arya Vaidya Sala' constituted property under Section 4(3)(i) of the Indian Income-tax Act, 1922, and was exempt from income-tax assessment as it was held in trust for religious and charitable purposes. The Court clarified that the exemption applies to businesses held in trust, distinguishing them from those operated on behalf of religious or charitable institutions. The judgment affirmed that the income from the trust properties was exempt from taxation under the specified section.