2023 (8) TMI 1646

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....der Section 143(3) of the Income Tax Act, 1961, (hereinafter referred to as 'the Act') for Assessment Year 2015-16. 2. The brief facts leading to the case is this that the appellant is a trust registered under Section 12AA of the Act by and under order No. BRD/Exemption/110-2-U/98-99, Dated 28.12.1998. It is a religious public trust, registered under Bombay Public Trust Act, by and under registration No. Gujarat/1358/Vadodara, dated 13.07.1998 issued under the signature of the Assistant Charity Commissioner, Baroda Region, Baroda. The assessee declared to have gross total income of Rs.6,33,13,673/-. It has accumulated surplus of Rs.1,08,79,980/- under Section 11(2) of the Act. In the computation of income, the appellant claimed application....

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....isions of section 2(15) r.w.s.13(8) would not be applicable. Accordingly, the Ld. CIT(A) has deleted the addition of Rs. 1,08,89,980/-. 4. At the time of hearing of the appeal, Ld. Counsel appearing for the assessee stated that issue is squarely covered by the order passed in assessee's own case for A.Ys. 2009-10 to 2014-15 in ITA No. 772/Ahd/2017 & Ors., order dated June 25, 2019. In fact, the copy of the order passed by the Hon'ble Jurisdictional High Court in assessee's own case for A.Y. 2014-15 in Revenue's appeal was also submitted before us wherein the Hon'ble High Court has been pleased to uphold the order passed by the Income Tax Appellate Tribunal. The relevant portion whereof is as follows: "13. Prior to the introduction of the....

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.... like Garba does not find its way into the pockets of any individual or entities. It is to be utilized fully for the purposes of the objects of the assessee. As held in many pronouncements, the expression "trade", "commerce' and "business" as occurring in the first Proviso to Section 2(15) of the Act must be read in the context of the intent and purport of section 2(15) of the Act and cannot be interpreted to mean any activity which is carried on in an organized manner. The purpose and the dominant object for which an institution carries on its activities is material to determine whether the same is business or not. The object of introducing the first proviso is to exclude the organizations which are carrying on regular business from th....