https://www.taxtmi.com/caselaws?id=406327 The Tribunal upheld the CIT(A)'s decision to allow the exemption under section 11 of the Income Tax Act to a trust constituted by the Government of Gujarat for housing schemes. It concluded that the construction and sale of dwelling units by the trust did not constitute business activities as the primary objective was public utility, not profit-making. The Tribunal emphasized that generating surplus does not indicate a profit motive when activities serve public utility. The Revenue's appeal was dismissed, and the AO was directed to grant the exemption benefits under section 11 to the trust. en-us Tue, 23 Mar 2021 00:00:00 +0530 Mon, 12 Apr 2021 08:15:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406327 The Tribunal upheld the CIT(A)'s decision to allow the exemption under section 11 of the Income Tax Act to a trust constituted by the Government of Gujarat for housing schemes. It concluded that the construction and sale of dwelling units by the trust did not constitute business activities as the primary objective was public utility, not profit-making. The Tribunal emphasized that generating surplus does not indicate a profit motive when activities serve public utility. The Revenue's appeal was dismissed, and the AO was directed to grant the exemption benefits under section 11 to the trust. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406327