https://www.taxtmi.com/caselaws?id=259004 A statutory corporation engaged in industrial plot development, allotment, lease premium collection and infrastructure provision was treated as carrying on commercial activities in the facts stated, so its objects were held to fall within the proviso to section 2(15) and exemption under section 11 was denied. A dissolution clause in the governing statute did not, by itself, make the corporation a revocable trust, because dissolution and revocation are distinct concepts. Claims that lease rent, development charges and interest were held on behalf of the Government required factual verification on the underlying resolutions and records. The brought forward deficit claimed under section 11 was not available once exemption failed, while depreciation under section 32 remained allowable under the normal computation provisions. en-us Fri, 27 Mar 2015 00:00:00 +0530 Fri, 24 Apr 2015 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259004 A statutory corporation engaged in industrial plot development, allotment, lease premium collection and infrastructure provision was treated as carrying on commercial activities in the facts stated, so its objects were held to fall within the proviso to section 2(15) and exemption under section 11 was denied. A dissolution clause in the governing statute did not, by itself, make the corporation a revocable trust, because dissolution and revocation are distinct concepts. Claims that lease rent, development charges and interest were held on behalf of the Government required factual verification on the underlying resolutions and records. The brought forward deficit claimed under section 11 was not available once exemption failed, while depreciation under section 32 remained allowable under the normal computation provisions. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259004