The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the exhibitions conducted by the assessee, the Gem and Jewellery Export Promotion Council, are not in the nature of trade and commerce.The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the assessee's transaction in the impugned assessment year exhibition in India...
