https://www.taxtmi.com/article/detailed?id=11624 An entity advancing general public utility may carry on connected commercial activities for consideration only if those activities are connected to the GPU object and receipts from them remain within the prescribed quantified limit; cost basis or nominal mark ups are not treated as trade or business, but charges markedly above cost will be treated as commercial receipts. Section 11(4A) requires separate books to demonstrate that such incidental income does not breach the quantitative limit, and assessing authorities must scrutinize records to determine the true nature of the receipts. en-us Wed, 19 Jul 2023 09:07:33 +0530 Wed, 19 Jul 2023 14:19:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11624 An entity advancing general public utility may carry on connected commercial activities for consideration only if those activities are connected to the GPU object and receipts from them remain within the prescribed quantified limit; cost basis or nominal mark ups are not treated as trade or business, but charges markedly above cost will be treated as commercial receipts. Section 11(4A) requires separate books to demonstrate that such incidental income does not breach the quantitative limit, and assessing authorities must scrutinize records to determine the true nature of the receipts. Articles Income Tax Wed, 19 Jul 2023 09:07:33 +0530 https://www.taxtmi.com/article/detailed?id=11624