https://www.taxtmi.com/caselaws?id=337865 A statutory industrial development corporation constituted for orderly establishment and development of industries remained within the public-utility limb of section 2(15) because its leasing, allotment and related charges did not, by themselves, show trade, commerce or business in the commercial sense. The decisive test was whether its affairs were conducted on commercial lines with a dominant profit motive or had departed from its statutory objects; on the facts, they had not. As the first proviso to section 2(15) did not apply, section 13(8) also did not operate to deny exemption under sections 11 and 12. en-us Tue, 10 Jan 2017 00:00:00 +0530 Thu, 19 Jan 2017 08:30:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337865 A statutory industrial development corporation constituted for orderly establishment and development of industries remained within the public-utility limb of section 2(15) because its leasing, allotment and related charges did not, by themselves, show trade, commerce or business in the commercial sense. The decisive test was whether its affairs were conducted on commercial lines with a dominant profit motive or had departed from its statutory objects; on the facts, they had not. As the first proviso to section 2(15) did not apply, section 13(8) also did not operate to deny exemption under sections 11 and 12. Case-Laws Income Tax Tue, 10 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337865