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| The Tax Publishers2021 TaxPub(DT) 1057 (Guj-HC) INCOME TAX ACT, 1961
Section 260A
Question of law proposed by the Revenue stands covered by the decision of this Court in the case of Ahmedabad Urban Development Authority vs. Asstt. CIT [(2017) 396 ITR 323 (Guj) : 2017 TaxPub(DT) 1863 (Guj-HC), wherein it was held that activities of assessee were not in the nature of trade, commerce or business and consequently proviso to section 2(15) shall not be applicable and therefore, assessee was entitled to exemption under section 11.
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Appeal (High Court) - Substantial question of law - Exemption under secton - Proviso to section 2(15)--Activities of assessee trust
Issue arose for consideration as to whether Tribunal was justified in holding that the activities of the assessee are not in nature of commerce/trade without considering the fact that assessee was involved in widespread commercial activities which was covered under first and second proviso to section 2(15) without considering the merit of the issue. Held: Question of law proposed by the revenue stand squarely covered by the decision of this Court in the case of Ahmedabad Urban Development Authority v. Asstt. CIT (2017) 396 ITR 323 (Guj) : 2017 TaxPub(DT) 1863 (Guj-HC), wherein it was held that activities of assessee were not in the nature of trade, commerce or business and consequently proviso to section 2(15) shall not be applicable and therefore, assessee was entitled to exemption under section 11.
Followed:Ahmedabad Urban Development Authority vs. Asstt. CIT (2017) 396 ITR 323 (Guj) : 2017 TaxPub(DT) 1863 (Guj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE GUJARAT HIGH COURT
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