2018 (4) TMI 1577 - HC - Income Tax

Exemption u/s 11 - activities in the nature of trade, commerce or business - Held that - Let these appeals be notified for admission hearing on 01.08.2018. We make it clear that if by then there is no possibility of the judgement of the Supreme Court being available in near future, we might reconsider the question of following the judgement of this Court in case of Ahmedabad Urban Development Authority vs. Assistant Commissioner of Income Tax (2017 (5) TMI 1468 - GUJARAT HIGH COURT) and decide these appeals.

Summary

The Gujarat High Court heard appeals by the Revenue against the Ahmedabad Urban Development Authority (AUDA) regarding the charitable purpose of its activities. The Revenue sought to disallow tax benefits under section 11 of the Income Tax Act, 1961. The Court noted a previous judgment on this issue and scheduled admission hearing for August 1, 2018, indicating a possible reconsideration if the Supreme Court's decision was delayed.