Carrying on statutory functions cannot be termed as trade, commerce or business

Varanasi Development Authority Vs ACIT (ITAT Varanasi)

Conclusion: In present facts of the case, the Hon’ble Tribunal held the assessee is a charitable entity u/s 2(15) of the 1961 Act, being engaged in the advancement of object of general public utility, with the predominant object of tackling problems of town planning and urban development in a planned manner, and shall be eligible for exemption u/s 11 of the 1961 Act. In other words, it means that carrying on the statutory functions or activities which is mandate of the law

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