Urban Improvement Trust income does not qualify for...

Urban Improvement Trust income does not qualify for local-authority exemption, and exemptions requiring Central Government notification apply only from the notification's effective date. Constitutional immunity applies only to income legally belonging to the State; income of a separate statutory corporation remains its own despite its public functions. Charitable registration benefits earlier years only where assessment proceedings were pending when registration was granted; an information notice alone is insufficient. Reassessment may rest on non-filing of returns and taxable surplus. Taxability of statutory collections and refundable advances requires examination of overriding title, liabilities, accounting treatment, and remittance or refund evidence; omission to specify an income head does not itself invalidate assessment.