https://www.taxtmi.com/caselaws?id=400728 A statutory body engaged in orderly industrial development and operating under pervasive State control was found to pursue a public-purpose object rather than profit-making. On that record, the Tribunal's finding that the activity amounted to advancement of an object of general public utility was not shown to be perverse, so the proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable. The assessee therefore satisfied the conditions for exemption and was entitled to the benefit of section 11. en-us Wed, 30 Sep 2020 00:00:00 +0530 Thu, 24 Dec 2020 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400728 A statutory body engaged in orderly industrial development and operating under pervasive State control was found to pursue a public-purpose object rather than profit-making. On that record, the Tribunal's finding that the activity amounted to advancement of an object of general public utility was not shown to be perverse, so the proviso to section 2(15) of the Income-tax Act, 1961 was held inapplicable. The assessee therefore satisfied the conditions for exemption and was entitled to the benefit of section 11. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400728