Commissioner Of Income Tax vs Dharmodayan & Co., Kerala on 22 August, 1977
Respectfully following the said decision as also the decision in Dharmodayam Co.'s case (supra), we hold that since the business of insurance agency was held on trust, the income whereof was to be wholly applied to the charitable purposes detailed in Sub-clauses (a), (b) and (d) of Clause 2, detailing the aims and objects of the assessee-society trust, the entire income from the insurance business was exempt under Section 11. We hold likewise.