https://www.taxtmi.com/caselaws?id=192028 Statutory receipts intrinsically connected with a local authority's functions were treated as exempt under section 10(20), where contributions from market committees and rental income from godowns and shops had a direct nexus with market regulation and service within the jurisdiction. Expenditure incurred to advance those statutory objectives was also allowed: prize money to farmers promoted market use, the relief fund donation was deductible under section 80G, information technology spending was revenue in nature, and publicity and rock drilling contributions were accepted as functionally linked to agricultural development. The Revenue's objections failed, and the exemption and deductions were sustained. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 09 May 2017 20:26:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192028 Statutory receipts intrinsically connected with a local authority's functions were treated as exempt under section 10(20), where contributions from market committees and rental income from godowns and shops had a direct nexus with market regulation and service within the jurisdiction. Expenditure incurred to advance those statutory objectives was also allowed: prize money to farmers promoted market use, the relief fund donation was deductible under section 80G, information technology spending was revenue in nature, and publicity and rock drilling contributions were accepted as functionally linked to agricultural development. The Revenue's objections failed, and the exemption and deductions were sustained. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192028