2018 (9) TMI 78

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....E MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal dated 23.03.2018 raising following questions for our consideration: "[A] Whether on the facts and in the circumstances of the case, and in law, the Appellate Tribunal is in interpreting the provisions of section 2(15) of the Act that the assessee trust's activities do not fa....

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....' for short) which is enacted and is carrying on the business of acquiring land within the State of Gujarat for industrial purposes and developing industrial estates constructing sheds and housing quarters and transferring facilities to the various industries after creating infrastructural facilities such as roads, streetlights, water supply, effluent disposal, storm water drainage etc. Princi....

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....n.com 366 (Gujarat), in which, the Court made following observations: "14. As per the statement and object of GIDC Act, 1962, it has been enacted for securing the orderly establishment and organization of industries in industrial areas and industrial estates in the State of Gujarat and for the purpose of establishing commercial centres in connection with the establishment and organization....

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....issue has been discussed by the Tribunal at some length. The Tribunal observed that income from properties held under Trust would have to be arrived at in normally commercial manner without classification under various heads stated out in section 14 of the Act. The expression "income" has to be understood in popular or general sense. The Tribunal relied on the judgment of this Court in case of Com....