https://www.taxtmi.com/article/detailed?id=5360 The central legal issue concerns when a statutory authority carrying out land development and sale qualifies as an institution for charitable purposes by reason of objects of general public utility. Registration for tax-exempt status evidences satisfaction about genuineness of objects and activities but is not conclusive; revenue may examine returns, compute income under charitable provisions, and cancel registration if statutory disqualifications are established. The proviso to the charitable definition applies only where activities are carried on on commercial lines with a profit-distributing motive; incidental profit from bona fide pursuit of public-utility objects does not automatically disqualify exemption. en-us Fri, 22 Nov 2013 11:22:31 +0530 Fri, 22 Nov 2013 11:22:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5360 The central legal issue concerns when a statutory authority carrying out land development and sale qualifies as an institution for charitable purposes by reason of objects of general public utility. Registration for tax-exempt status evidences satisfaction about genuineness of objects and activities but is not conclusive; revenue may examine returns, compute income under charitable provisions, and cancel registration if statutory disqualifications are established. The proviso to the charitable definition applies only where activities are carried on on commercial lines with a profit-distributing motive; incidental profit from bona fide pursuit of public-utility objects does not automatically disqualify exemption. Articles Income Tax Fri, 22 Nov 2013 11:22:31 +0530 https://www.taxtmi.com/article/detailed?id=5360