2023 PTD 1590

Case Laws / Head Notes / Paras

Fauji Foundation—Income from interest on Bank deposits—Whether such income is to be considered and taxed as 'income from other sources’ or as ‘income from business’—Held, that respondent-taxpayer/ Fauji Foundation is a welfare trust which derives income from business activities for undertaking welfare projects— Essentially it utilises income earned from its investments for the collective benefit of the beneficiaries of the Foundation—Hence, it is the business of the Foundation to invest in business to raise income, for the purposes of its welfare projects—Foundation can invest in industrial undertakings or otherwise, and any surplus income from these undertakings are to be utilized for the benefit of the Foundation's beneficiaries&mdash...