https://www.taxtmi.com/caselaws?id=296059 The ITAT upheld the CIT(A)'s decision, confirming city development authorities' activities as charitable and ruling infrastructure funds non-taxable due to governmental control and project directives. The revenue's appeal was dismissed, emphasizing the authorities' charitable nature in land acquisition, plot development, and construction activities, supported by various court judgments. The ITAT highlighted the funds' government oversight and directed project utilization, concluding that interest income from such funds is not taxable, in line with previous rulings and legal guidance on fund control. en-us Wed, 24 Mar 2021 00:00:00 +0530 Fri, 02 Jul 2021 08:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296059 The ITAT upheld the CIT(A)'s decision, confirming city development authorities' activities as charitable and ruling infrastructure funds non-taxable due to governmental control and project directives. The revenue's appeal was dismissed, emphasizing the authorities' charitable nature in land acquisition, plot development, and construction activities, supported by various court judgments. The ITAT highlighted the funds' government oversight and directed project utilization, concluding that interest income from such funds is not taxable, in line with previous rulings and legal guidance on fund control. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296059