Meaning of tax terms

Meaning of “Activities”

Posted on by Prashant Thakur

Case Name : Kottayam co-operative land mortgage bank ltd. Vs. CIT

Citation : [1988] 40 taxman 259/172 ITR 443 (ker.)

Court : Kerala high court

Section : 80P

Meaning : The word ‘activity’ is wider than the word business. It connotes a specified form of supervised action or field of action. Read in the context of the profit-earning activity of a co-operative society, it means the corporate activity of the society, that is to say, the combination of operations undertaken by the co-operative society whether or not they amount to a business, trade or profession in the ordinary sense.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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