https://www.taxtmi.com/caselaws?id=399592 A statutory urban development authority formed for planned development and redevelopment of urban areas was treated as pursuing a public utility object, not trade, commerce or business, because its planning functions, regulatory fees, and limited sale of developed land were integral to its statutory mandate. Receipts were applied to development works and infrastructure such as roads, drainage, water supply and open spaces, and the presence of surplus or consideration did not by itself establish commercial activity. In these circumstances, the first proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable and exemption under section 11 remained available. en-us Mon, 21 Sep 2020 00:00:00 +0530 Wed, 14 Oct 2020 13:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399592 A statutory urban development authority formed for planned development and redevelopment of urban areas was treated as pursuing a public utility object, not trade, commerce or business, because its planning functions, regulatory fees, and limited sale of developed land were integral to its statutory mandate. Receipts were applied to development works and infrastructure such as roads, drainage, water supply and open spaces, and the presence of surplus or consideration did not by itself establish commercial activity. In these circumstances, the first proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable and exemption under section 11 remained available. Case-Laws Income Tax Mon, 21 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399592