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The HC affirmed the ITAT's ruling that the first proviso to Section 2(15) of the Income Tax Act does not apply to the assessee authority. The court determined that the society's activities were not commercial in nature, but rather focused on development planning and housing, which constitute a charitable objective of general public utility. Two concurrent authorities found no evidence of trade, commerce, or business operations. The assessee's predominant purpose remained charitable, with governmental control over its dissolution. The substantial questions of law were resolved in favor of the assessee, rejecting the revenue's contention that the organization was operating on commercial lines with a profit motive.
The HC affirmed the ITAT's ruling that the first proviso to Section 2(15) of the Income Tax Act does not apply to the assessee authority. The court determined that the society's activities were not commercial in nature, but rather focused on development planning and housing, which constitute a charitable objective of general public utility. Two concurrent authorities found no evidence of trade, commerce, or business operations. The assessee's predominant purpose remained charitable, with governmental control over its dissolution. The substantial questions of law were resolved in favor of the assessee, rejecting the revenue's contention that the organization was operating on commercial lines with a profit motive.
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