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The ITAT allowed the appellant's claims: it held the authority's activities constituted charitable purposes within s.2(15) and were therefore exempt under ss.11 and 12, the first proviso to s.2(15) not applying; the auctioning of sites was incidental to public purpose and not commercially motivated. Consequentially prior-period expenses and assets written off qualify as application of income and are allowable; payments for electrical deposits and committee accommodation are allowable pending any reversal; slum-cess disallowance under s.43B does not arise given s.11 exemption; and interest on delayed service-tax payment is deductible under s.37. The revenue's disallowances were rejected absent contrary higher-forum authority or distinguishing material.
The ITAT allowed the appellant's claims: it held the authority's activities constituted charitable purposes within s.2(15) and were therefore exempt under ss.11 and 12, the first proviso to s.2(15) not applying; the auctioning of sites was incidental to public purpose and not commercially motivated. Consequentially prior-period expenses and assets written off qualify as application of income and are allowable; payments for electrical deposits and committee accommodation are allowable pending any reversal; slum-cess disallowance under s.43B does not arise given s.11 exemption; and interest on delayed service-tax payment is deductible under s.37. The revenue's disallowances were rejected absent contrary higher-forum authority or distinguishing material.
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