GUJARAT HOUSING BOARD (GHB),,AHMEDABAD vs. THE D.C.I.T. (EXEMPTION), CIRCLE-1,, AHMEDABAD

In the result, the appeal is allowed in the terms indicated above

Bench: Him) Of Denying Exemption To The Appellant’S Income U/S.11 & 12 Of The Income Tax Act, 1961 As Claimed In The Appellant’S Return, On The Ground That The Appellant’S Case Attracted The First Proviso To Section 2(15) & In Turn, Sub-Section(8) Of Section 13 Of The Act.

Section 2(15), mean activity undertaken with a view to make or earn profit. Profit motive is determinative and a critical factor to discern whether an activity is business, trade or commerce. The court further held:- 22. Business activity has an important pervading element of self-interest, though fair dealing should and can be present, whilst charity or charitable activity