M/S. VARANASI DEVELOPMENT AUTHORITY,VARANASI vs. ASSISTANT COMMISSIONER OF INCOME TAX , VARANASI
In the result appeal filed by assessee in ITA no
ITA 264/ALLD/2017[2011-12]Status: DisposedITAT Varanasi06 Jul 2022AY 2011-12
Bench: Shri Vijay Pal Rao & Shri Ramit Kochar
For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R
Section 11Section 12Section 12ASection 143(3)Section 2(15)
221 ITR 18,21 (Mad.),
Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under:
“It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with
