https://www.taxtmi.com/caselaws?id=117438 Section 10(20A) exempted income of a statutory authority constituted for housing, planning, development or improvement of cities, towns and villages. Development is construed broadly and may encompass irrigation projects, command area development, flood control, hydro-electric schemes and related activities that materially advance public development objectives, without a direct nexus to each locality. Business commencement for income-tax purposes occurs where an undertaking has taken over ongoing projects and operational canal or water-supply activities have begun; completion of all projects or subsequent expansion is not required. On these principles, the corporation's income qualified for exemption and its business was treated as commenced. 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) exempted income of a statutory authority constituted for housing, planning, development or improvement of cities, towns and villages. Development is construed broadly and may encompass irrigation projects, command area development, flood control, hydro-electric schemes and related activities that materially advance public development objectives, without a direct nexus to each locality. Business commencement for income-tax purposes occurs where an undertaking has taken over ongoing projects and operational canal or water-supply activities have begun; completion of all projects or subsequent expansion is not required. On these principles, the corporation's income qualified for exemption and its business was treated as commenced. Case-Laws Income Tax Fri, 22 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117438