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 cannot be said to be trade, commerce or business. Facts: The brie...