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TMI Blog1980 (2) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... Deed of Trust executed on 24th Jan., 1962 under which the settlor, Shri Manilal Laxmichand Vora, settled an amount of Rs. 5,000 on trust. The Settlor, was a partner in a registered firm known as M/s. Manilal Co. with 25 per cent share. With effect from 1st April 1965, the settlor retired from the said partnership firm and instead another trustee, Shri Kushalchand Laxmichand Vora became a partne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons given in para 4 of his order. In particular it is held that one of the objects of the assessee trust is the object of general public utility that the assessee trust involved in an activity of profit in as much as it participated in the business of the firm M/s. Manilal Co. According to him, the Supreme Court's decision in the case of Dharmodayam Co. 1977 CTR (SC) 341 : (1977) 109 ITR 52 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t's decision in the case of Dharmodayam Co. 1977 CTR (SC) 341 : (1977) 109 ITR 527 (SC) is squarely applicable to the facts of the case. It is further contended that assuming that enjoying share of profit from a partnership firm is a business activity, it will not be an activity for profit in view of the latest Supreme Court's decision in the case of Surat Art Skil Cloth Manufacturers Associatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofits. According to the Deptl. Rep. the assessee trust is carrying on a business as a partner. The partnership is yielding profits and therefore there should be no difficulty in holding that the objects of the assessee trust involve an activity for profit. 5. Having heard the parties and after going through the facts on record, we are of opinion that the assessee trust is entitled to exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X
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