Business activity undetermined mca guideline

In Shiv Shanker Lal vs Commissioner Of Income Tax, Delhi on 17 April, 1973, it was defined and held thus:

Capital asset as defined in section 2 of the Act means property of any kind held by an assessed but does not include agricultural land in India. The word "agricultural land" itself is not defined in the Act; but "agricultural income" is defined under section 2(1) of Act as follows :- "agricultural income" means - (A) any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in India or is subject to a local rate assessed and collected by officers of the Government as such; (b) any income derived from such land by - (i) agriculture: or (ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be taken to market; or (iii) the sale by a cultivator or reciver of rent-in-kind of the produce raised or recived by him, in respect of which no process has been performed other than a process of the nature described in paragraph (ii) of this sub-clause; (c) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on : Provided that the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling house or as a store-house, or other out-building;"

In view of foregoing, it may not fall within the definition of comercial activity.

Many thanks. 

Then should we amend object clause of MOA?

DURING tax, accounts & secretarial audit, nobody has flagged this. I am a new comer and my views are questioned as they have never got similar views like me.

Regards

You can ask them to amend the MOA or AOA suitably to accommodate your concern of interest on the subject matter.

Alrertnately you can get a new document prepared with all the conditions that are mutually agreed and are in accordance with the provisions of law in this connection