https://www.taxtmi.com/caselaws?id=64508 A statutory market committee constituted under a parliamentary enactment, operating within a defined market area, with elected representation, regulatory powers and control of a dedicated market fund, was held to have the essential attributes of a local authority rather than an Association of Persons. Its receipts from market fees and allied collections, being held in and applied through the statutory fund for authorised purposes, were therefore exempt under section 10(20) of the Income-tax Act, 1961. The assessment treating those receipts as taxable income from other sources could not stand, and the exemption issue was decided in the assessee's favour. en-us Tue, 26 Dec 1995 00:00:00 +0530 Tue, 08 Feb 2011 12:24:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64508 A statutory market committee constituted under a parliamentary enactment, operating within a defined market area, with elected representation, regulatory powers and control of a dedicated market fund, was held to have the essential attributes of a local authority rather than an Association of Persons. Its receipts from market fees and allied collections, being held in and applied through the statutory fund for authorised purposes, were therefore exempt under section 10(20) of the Income-tax Act, 1961. The assessment treating those receipts as taxable income from other sources could not stand, and the exemption issue was decided in the assessee's favour. Case-Laws Income Tax Tue, 26 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64508