https://www.taxtmi.com/caselaws?id=765327 The ITAT Ahmedabad dismissed the Revenue's appeal following a SC judgment in the assessee's case regarding exemption under Section 11 for entities engaged in general public utility activities. The tribunal held that charging amounts on cost-basis or nominally above cost for general public utility activities cannot be considered trade, commerce, or business. Only when charges are markedly above cost would they fall within the mischief of trade or business. Section 11(4A) must be interpreted harmoniously with Section 2(15), requiring that any trade activities be incidental to achieving general public utility objectives. en-us Fri, 06 Dec 2024 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765327 The ITAT Ahmedabad dismissed the Revenue's appeal following a SC judgment in the assessee's case regarding exemption under Section 11 for entities engaged in general public utility activities. The tribunal held that charging amounts on cost-basis or nominally above cost for general public utility activities cannot be considered trade, commerce, or business. Only when charges are markedly above cost would they fall within the mischief of trade or business. Section 11(4A) must be interpreted harmoniously with Section 2(15), requiring that any trade activities be incidental to achieving general public utility objectives. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765327