TaxTMI 
TaxTMI 
2014 (3) TMI 499
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....e Court pronounced in the case of Gujarat Industrial Development Corporation Vs. CIT reported as 227 ITR 414 (SC), (the assessee itself) but failed to consider a decision referred therein, viz., Shri Ramtanu Co-operative Housing Society Ltd. Vs. State of Maharashtra (AIR 1970 SC 1771, (1970) 3 SCC 323 (Page 1776 of AIR 1970 (SC). Learned AR has mentioned that a copy of decision of Sri Ramtanu (supra) was also placed before Respected Bench. The impact of the non consideration of the said decision of the Hon'ble Supreme Court was that the Tribunal has wrongly made an observation in paragraph 13, page 28 in the following manner: "At present, there is no necessity to exhaustibly deal with this definition and we are bound to accept that the....
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....gnizance of the said judgment has been taken in the order of Hon'ble ITAT. Secondly, that in any case, Sec. 11(4) has no application. The applicant submits that whereas the second fact of the controversy is adjudicated by the Hon'ble Tribunal in its favour, the first fact is not dealt with at all. 4. It is submitted that during the course of hearing the applicant had pointed out that in its own case (227 ITR 414 (SC) the Hon'ble Supreme Court has referred to its judgment by larger four member Bench in case of Shri Ramtanu Co-operative Housing Society Ltd. Vs. State of Maharashtra (AIR 1970 SC 1771, (1970) 3 SCC 323 (Page 1776 of AIR 1970 (SC). The appellant has in support of its claim in Ground No.1, also placed reliance on the....
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....establishing and developing the industrial estates and industrial areas. We are of opinion that the Corporation is not a trading one." 3. From the side of the Revenue, learned DR has contested that a detailed judgment was passed by the Tribunal and there is no apparent mistake in the said order as suggested by the applicant. The Tribunal had duly considered the decision of the Hon'ble Supreme Court pronounced in the case of GIDC, 227 ITR 414. Meaning thereby the Tribunal has duly considered all the decisions which were quoted in the decision of GIDC. Thereupon the Tribunal has commented that a charitable organization may fall within the ambits of the definitions of Section 2(15) of the IT Act, but such an organization as well can be en....
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....ble Tribunal has dealt at length, with the activities of the assessee. The GID Act has also been looked into in para 8.1 of the order. - In para 8.3 of the order, the decision of Gujarat Industrial Development Corpn. v. CIT [1997] 227 ITR 414 (SC), has also been cited and discussed. - In para 8.6, "To our humble understanding, this section notably deals a situation where a Trust also compose a business hence for that purpose it says "property held under trust" may consist of a business undertaking.". This discussion continues further in subsequent paragraphs. C.2. As regards the contention of assessee that decision of Honble Apex Court in the case of Sri Ramtanu CHS was not considered, the following are submitted: The said decision of Sr....
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.... considered by the Tribunal. The contentions of the assessee are misleading and not acceptable. 4. We have heard both the sides. We have also perused the Misc. Application filed by the assessee as well as written submission of the Revenue Department. The Tribunal has passed a lengthy order considering several sections of the IT Act and their applicability on the issue involved. It is incorrect on the part of the learned AR to argue that the Tribunal has exceeded in commenting the nature of activity of the undertaking by holding that the undertaking had carried out an adventures in the nature of trading. In fact, while discussing the provisions of Section 11(4) of IT Act, it was necessary to consider the activity of the undertaking, because....