ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Trust Rules and regulations to show the procedure adopted by the board in fixing prices. 60. Mr. Gursharan S. Virk, argued that the Gujarat Maritime Board (GMB), is a statutory one, constituted under Section 3(2)65 of the Gujarat Maritime Board Act, 1981 (GMB Act); it performs functions which, prior to the enactment of the Act, were being performed

M/S NEW NOBLE EDUCATIONAL SOCIETY vs. THE CHIEF COMMISSIONER OF INCOME TAX 1

The appeals are hereby dismissed, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

Section 10 (23C) (vi) alludes to business and profits (‘being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business’). The interpretation of Section 10 (23C) therefore, is that the trust or educational institution must solely exist for the object