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2018 (9) TMI 78 - HC - Income TaxExemption u/s 11 - advancement of general public utility - Held that:- The first issue referred to above is covered by the judgment of the Division Bench of this Court in case of Commissioner of Income tax v. Gujarat Industrial Development Corporation [2017 (7) TMI 811 - GUJARAT HIGH COURT] it cannot be said that the activities carried out by the assessee can be said to be for “advancement of any other object of general public utility”. Considering the object and purpose for which the assessee has been established under the provisions of the Act and the activities carried out by the assessee, it cannot be said that the activities carried out by the assessee can be said to be either in the nature of trade, commerce or business, or rendering any services in relation to any trade, commerce or business for a Cess or Fee or any other consideration so as to attract proviso to Section 2[15] of the IT Act Depreciation on roads - Held that:- 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 Commissioner of IncomeTax v. Sheth Manilal Ranchhoddas Vishram Bhavan Trust [1992 (2) TMI 51 - GUJARAT HIGH COURT]. The view taken by the High Court in the said judgment is approved by the Supreme Court in case of Commissioner of Income Tax v. Rajasthan and Gujarati Charitable Foundation reported in [2017 (12) TMI 1067 - SUPREME COURT]
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