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

Bench: HON'BLE THE CHIEF JUSTICE

70 Summation of interpretation of Section 2(15) ............................................................................................... 85 C. Sections 10, 11, 12, 12A, 12AA and 13 of the IT Act ................................................................................ 86 Distinction between business held under Trust [Section 11(4)] and Trust carrying on business [Section 11(4A)] 87 D. What kinds of income or receipts may not be characterized as derived from trade, commerce, business

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