Assessee is\u00a0\u00a0 engaged dominantly in activity of development and sale of properties.\u00a0 It filed its return of income declaring profit on total income\/gross receipt which was claimed exempt as per provisions of section 11. Assessing Officer held\u00a0 that assessee is\u00a0 engaged in activity in nature of trade, commerce or business in as much as one of dominant activities of authority is\u00a0 acquisition and sale of immovable properties and receipts from which were in excess of ceiling stipulated in second proviso of section 2(15). He disallowed exemption under section 11 of the Act. CIT(A) allowed the exemption. On\u00a0\u00a0 appeal the Tribunal held that\u00a0 since verification\/examination had not been carried out by authorities below in terms of observations and guidelines framed by Apex Court in case of CIT(E) v. Ahmedabad Urban Development Authority\u00a0(2022) 291 Taxman 11\/ 449 ITR 1 (SC)\u00a0 \u00a0\u00a0issue is\u00a0 to be remanded to file of Assessing Officer to consider same afresh upon examining nature of assessee’s activities and to pass a reasoned order strictly in light of observations made by Apex Court. (AY. 2014-15 to 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-General utility to public–Acquisition and sale of immovable properties-Issue is remanded to Assessing Officer to consider afresh strictly in light of observations made by Apex Court in CIT(E) v. Ahmedabad Urban Development Authority (2022) 291 Taxman 11\/ 449 ITR 1 (SC). [S. 2(15)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50498","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d8u","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50498"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50498\/revisions"}],"predecessor-version":[{"id":50499,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50498\/revisions\/50499"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}