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1 - 10 of 33 (0.50 seconds)Section 12A in The Income Tax Act, 1961 [Entire Act]
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 11 in The Income Tax Act, 1961 [Entire Act]
The Land Acquisition Act, 1894
The Finance Act, 2018
Section 15 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax vs Gujarat Maritime Board on 5 December, 2007
7.10. Hon'ble Supreme Court in the case of CIT vs. Gujarat Maritime
Board 295 ITR 561 has held that where the assessee was under a legal
obligation to apply its income which was directly and substantially from the
business held under trust for the development of minor ports in the State of
Gujarat, then it does not involve any profit motive and assessee was entitled
for registration u/s 12A. The Hon'ble Supreme Court pointed out that the
income earned by the Port was deployed for the development of minor ports
in the state of Gujarat. Hon'ble Supreme Court took note of the fact that u/s
73 of the Gujarat Maritime Board Act 1981, all moneys received by or on
behalf of the Board were to be credited to a fund called the general account
of the minor ports and under section 74, detailed guidelines as noted at page
564 of the report, were there. The mode of dealing with deficit or surplus
was contemplated u/s 75 of the said Act. Considering all these sections, the
Hon'ble Supreme Court held that there could not be said to be any profit
21 ITA 3056/D/12, 3013/D/13 & 6058/D/12
Haridwar DevelopmentAuthority
motive. Unless there was a profit motive, it cannot be said that an entity was
carrying on any trade, commerce or business.