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)
216,244
(Mad)],and it is the continuous repetition of such transactions which will constitute a "business"."
9.8 In the case of State of Punjab and Another v. Bajaj Electricals Ltd (1968) 70 ITR
730(SC), it has been held that essential condition for carrying on business, trade, commerce is making profit. The relevant portion of this judgment is reproduced
