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TMI Blog1982 (12) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... stituted by the deed dt. 15th January, 1977. The activities of the firm to be carried on have been stated in cl. 2. Broadly, the activities of the assessee are to purchase land, developing and selling the land to construct and sell the houses, shops, godowns or warehouses, etc., to purchase house, godowns, shops, warehouses thereof, to have properties on rent or on lease and to give properties on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing his order passed in the case of M/s. Champalal Sons for the same year vide order dt. 3rd Oct, 1982, reversed the order of the ITO and accepted the assessee s contention that there was a valid partnership, as the activity being carried on by the assessee was business activity and for that reason refusal of registration by the ITO was erroneous. 2. Aggrieved, the revenue has come up in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2(b) of the India Partnership Act, Shri Kothari argues that the term 'business includes every trade, occupation and profession. His argument is that anything, which occupies the time attention and labour may fall for the purposes of gain or profits within the term 'business . All these materials and also other materials were pressed into service by the AAC also and he reached the conclusion that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the term 'business but the case of the assessee gives rise to a situation different from the one being stated by Shri Koolwal. In the case of the assessee, no built up house owned by the firm, was let out, but pursuant to its objects, it purchased the plot of land, arranged the finances, constructed the godown and then let it out. Such activity, in our view, is clearly a business activity. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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