https://www.taxtmi.com/caselaws?id=193076 A statutory Road Transport Corporation was treated as a separate corporate entity, not merely a department or agent of the State, because it had perpetual succession, its own funds, statutory powers, and an independent accounting framework despite governmental control. On that basis, its income was not regarded as State income and it was held to be a taxable unit within the Income-tax Act's charging provision. The claimed exemption for income allegedly derived from property held under trust or other legal obligation for charitable purposes was also not accepted in writ proceedings, as the exemption required factual examination by the taxing authority in the first instance. en-us Wed, 24 Apr 1963 00:00:00 +0530 Wed, 12 Jul 2017 17:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193076 A statutory Road Transport Corporation was treated as a separate corporate entity, not merely a department or agent of the State, because it had perpetual succession, its own funds, statutory powers, and an independent accounting framework despite governmental control. On that basis, its income was not regarded as State income and it was held to be a taxable unit within the Income-tax Act's charging provision. The claimed exemption for income allegedly derived from property held under trust or other legal obligation for charitable purposes was also not accepted in writ proceedings, as the exemption required factual examination by the taxing authority in the first instance. Case-Laws Income Tax Wed, 24 Apr 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193076