https://www.taxtmi.com/caselaws?id=265206 An institution constituted under a special State enactment for industrial development and infrastructure was treated as existing for advancement of an object of general public utility. Its statutory mandate, restricted powers and ring-fenced surplus showed that the dominant purpose was not trade, commerce or business, and incidental receipts or surplus did not alter its charitable character. On that basis, the proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable, and the institution remained entitled to exemption under section 11. en-us Fri, 04 Sep 2015 00:00:00 +0530 Sun, 23 Jun 2019 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265206 An institution constituted under a special State enactment for industrial development and infrastructure was treated as existing for advancement of an object of general public utility. Its statutory mandate, restricted powers and ring-fenced surplus showed that the dominant purpose was not trade, commerce or business, and incidental receipts or surplus did not alter its charitable character. On that basis, the proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable, and the institution remained entitled to exemption under section 11. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265206