https://www.taxtmi.com/caselaws?id=10693 For claims under section 10(20A), the authority must be tested against the true object and full scheme of the governing statute, not the preamble alone; the Tribunal was required to examine whether it was constituted for housing or for planning, development or improvement of cities, towns and villages, so the exemption issue needed fresh consideration. On commencement of business, the real nature of the transferred projects, continued irrigation operations, water-sale receipts, and the substance of the transactions had to be examined rather than accounting entries or a single letter, so the finding that business had not commenced also required reconsideration. en-us Tue, 27 Jul 2004 00:00:00 +0530 Wed, 09 Aug 2017 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10693 For claims under section 10(20A), the authority must be tested against the true object and full scheme of the governing statute, not the preamble alone; the Tribunal was required to examine whether it was constituted for housing or for planning, development or improvement of cities, towns and villages, so the exemption issue needed fresh consideration. On commencement of business, the real nature of the transferred projects, continued irrigation operations, water-sale receipts, and the substance of the transactions had to be examined rather than accounting entries or a single letter, so the finding that business had not commenced also required reconsideration. Case-Laws Income Tax Tue, 27 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10693