Court rules construction and sale of flats not a business activity, surplus funds used for charity

The High Court upheld the Tribunal's decision that construction and sale of flats did not constitute a business activity but a conversion of a capital asset, as there was no profit motive involved. The surplus funds were utilized for charitable purposes. The petition was dismissed.

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The petitioner sought a legal reference regarding the Tribunal's decision on whether construction and sale of flats constitute a business activity or capital asset conversion. The High Court upheld the Tribunal's finding that the activity was not a business but a conversion of a capital asset, as there was no profit motive involved, and surplus funds were used for charitable purposes. The petition was dismissed.

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