https://www.taxtmi.com/caselaws?id=5610 Section 10(20A) of the Income-tax Act was read broadly so that "development" includes planned industrial development, not only non-industrial activity. Industrial estates and planned industrial areas were treated as contributing to the development and improvement of the locality because they require roads, buildings, sanitation, parks and other civic amenities. A construction preserving exemption for public bodies created to promote urban or rural development for public good was preferred, including in fiscal legislation. On that reasoning, the industrial development corporation was held to fall within section 10(20A), and its income was treated as exempt from tax. en-us Wed, 20 Aug 1997 00:00:00 +0530 Mon, 13 Oct 2025 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5610 Section 10(20A) of the Income-tax Act was read broadly so that "development" includes planned industrial development, not only non-industrial activity. Industrial estates and planned industrial areas were treated as contributing to the development and improvement of the locality because they require roads, buildings, sanitation, parks and other civic amenities. A construction preserving exemption for public bodies created to promote urban or rural development for public good was preferred, including in fiscal legislation. On that reasoning, the industrial development corporation was held to fall within section 10(20A), and its income was treated as exempt from tax. Case-Laws Income Tax Wed, 20 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5610