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        Case ID :
        Income Tax

        Denial of exemption u/s 10(46) was incorrect - petitioner was...

        Exemption u/s 10(46) valid for non-profit developmental activities, loans, investments per assigned role - not commercial profit motive.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Denial of exemption u/s 10(46) was incorrect - petitioner was not systematically indulging in commercial activities with profit motive - loans extended were not for commercial purposes but to fulfil developmental objectives - investments in bonds, shares, and fixed deposits had direct connection with assigned role under UPID Act - petitioner acts as agent of Government for planned development, not a profit-oriented corporation - extending loans was directed by State Government, not motivated by profit intent - financial statements show negative income-expenditure margin, negating commercial assumption - HC quashed order, directed processing of exemption application u/s 10(46) in light of observations.
                                Note: It is a system-generated summary and is for quick reference only.
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