TaxTMI 
TaxTMI 
1982 (12) TMI 83
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....much as the firm was engaged in the business activity. The assessee firm was constituted by the deed dt. 15th January, 1977. The activities of the firm to be carried on have been stated in cl. 2. Broadly, the activities of the assessee are to purchase land, developing and selling the land to construct and sell the houses, shops, godowns or warehouses, etc., to purchase house, godowns, shops, wareh....
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....e from property and not to carry on any business activity. On appeal, the AAC following his order passed in the case of M/s. Champalal & Sons for the same year vide order dt. 3rd Oct, 1982, reversed the order of the ITO and accepted the assessee's contention that there was a valid partnership, as the activity being carried on by the assessee was business activity and for that reason refusal of reg....
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....cessarily mean undertaking of the industrial or commercial nature. Alluding to s. 2(b) of the India Partnership Act, Shri Kothari argues that the term 'business' includes every trade, occupation and profession. His argument is that anything, which occupies the time attention and labour may fall for the purposes of gain or profits within the term 'business'. All these materials and also other mater....
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....gument. Perhaps, the situation stated by Shri Koolwal may not strictly come within the term 'business' but the case of the assessee gives rise to a situation different from the one being stated by Shri Koolwal. In the case of the assessee, no built up house owned by the firm, was let out, but pursuant to its objects, it purchased the plot of land, arranged the finances, constructed the godown and ....