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Sec. 11 exemption was allowed on Industrial Development Corporation’s infrastructure activities
Case Law Details
- Case Name
- CIT (Exemptions) Vs Gujarat Industrial Development Corporation (Gujarat High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gujarat High Court
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CIT (Exemptions) Vs Gujarat Industrial Development Corporation (Gujarat High Court)
Conclusion: Since the primary object was the advancement of an object of general public utility without a profit motive, the activities did not constitute “trade, commerce, or business.” Therefore, the restrictions in the proviso to Section 2(15) were not applicable and assessee was held entitled to the exemption under Section 11.
Held: Assessee was a statutory corporation constituted under the Gujarat Industrial Development Act, 1962, engaged in development of industrial estates and infrastructure such as ...
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