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TMI Blog2018 (9) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d ('GIDC' for short). GIDC is constituted under the State Act which is also registered under section 12AA of the the Income Tax Act, 1961 ('the Act' for short) which is enacted and is carrying on the business of acquiring land within the State of Gujarat for industrial purposes and developing industrial estates constructing sheds and housing quarters and transferring facilities to the various industries after creating infrastructural facilities such as roads, streetlights, water supply, effluent disposal, storm water drainage etc. Principally two issues arise in the present appeal out of the impugned judgment of the Income Tax Appellate Tribunal ('the Tribunal' for short). First is, whether the activities of the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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. 4. The second issue has been discussed by the Tribunal at some length. 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 Man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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