Held, allowing the appeal, that the assessee was established for the purpose of advancement of an object of general public utility, and the entire Act in general indicated this to be the basis of the establishment of the assessee-trust. Sale of plots and premises by the assessee was incidental and ancillary to its main purpose of “town improvement”, that mere profit making on account of such incidental or ancillary activity did not disentitle the assessee to the exemptions under the Act, that profit was not the predominant motive of the assessee, that even where the plots were developed and premises were constructed and sold at market price, the activity was not a commercial or business venture per se, but one necessitated on account of implementation of the provisions of the assessee-trust, through statutory schemes. The trusts have been formed for the purpose of dealing with and satisfying the need for housing accommodation, planning, development or improvement of cities, towns and villages, regulating, or regulating and developing, any activity for the benefit of the general public, or regulating any matter, for the benefit of the general public, arising out of the object for which it has been created. Therefore, the second proviso to section 2(15) and, consequently, section 13(8) of the Act were not applicable to the assessee’s case, and the assessee was entitled to exemption u/s. 11 of the Act. (AY. 2016-17)