https://www.taxtmi.com/caselaws?id=117438 Section 10(20A) exemption was construed broadly: a statutory corporation engaged in irrigation, command area development, flood control and hydro-electric schemes was treated as undertaking development that materially promotes the improvement of cities, towns and villages, even without a direct civic nexus to each locality. Its income was therefore exempt. The article also states that business commencement does not await full completion of every project; where the corporation had taken over ongoing projects and some canals and water-supply activities were already operating, it was held to have commenced business, so income from its activities could be computed under section 28. en-us Fri, 22 Jul 2005 00:00:00 +0530 Wed, 24 Apr 2024 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117438 Section 10(20A) exemption was construed broadly: a statutory corporation engaged in irrigation, command area development, flood control and hydro-electric schemes was treated as undertaking development that materially promotes the improvement of cities, towns and villages, even without a direct civic nexus to each locality. Its income was therefore exempt. The article also states that business commencement does not await full completion of every project; where the corporation had taken over ongoing projects and some canals and water-supply activities were already operating, it was held to have commenced business, so income from its activities could be computed under section 28. Case-Laws Income Tax Fri, 22 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117438