Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
The ITAT held that the proviso to section 2(15) applies only when an advancing general public utility carries on trade, commerce or business activity, to be assessed on the overall factual matrix by the dominant purpose test. Here, the Assessing Officer relied mainly on the nature and quantum of receipts without examining the trust objects or application of income. Rental income from property held under trust and interest from permitted investments was treated as incidental, not independent business income. As the activities were genuine, in furtherance of trust objects, and most income was applied to those objects, the proviso was not attracted and exemption under section 11 was allowed; consequential additions and disallowances were deleted.
The ITAT held that the proviso to section 2(15) applies only when an advancing general public utility carries on trade, commerce or business activity, to be assessed on the overall factual matrix by the dominant purpose test. Here, the Assessing Officer relied mainly on the nature and quantum of receipts without examining the trust objects or application of income. Rental income from property held under trust and interest from permitted investments was treated as incidental, not independent business income. As the activities were genuine, in furtherance of trust objects, and most income was applied to those objects, the proviso was not attracted and exemption under section 11 was allowed; consequential additions and disallowances were deleted.
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