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.

2) amounting to Rs.6,30,00,000/-. Aggrieved by the stand so taken by the Assessing Officer, assessee carried the matter in appeal before the CIT(A) but without any success. Learned CIT(A) was, inter alia, of the view that the assessee was carrying on activities in the nature of trade, commerce or business. In support of this stand