https://www.taxtmi.com/caselaws?id=411830 A statutory urban development authority engaged in town planning, infrastructure development and allied public utility functions, with receipts of a regulatory character and no profit motive, is not carrying on trade, commerce or business for the proviso to section 2(15). The available material showed that its income was applied for the public purpose for which it was created, so denial of exemption under sections 11 and 12 was not sustainable. On that basis, the proviso to section 2(15) did not apply and the assessee remained entitled to exemption under section 11. en-us Tue, 24 Aug 2021 00:00:00 +0530 Sat, 04 Sep 2021 08:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411830 A statutory urban development authority engaged in town planning, infrastructure development and allied public utility functions, with receipts of a regulatory character and no profit motive, is not carrying on trade, commerce or business for the proviso to section 2(15). The available material showed that its income was applied for the public purpose for which it was created, so denial of exemption under sections 11 and 12 was not sustainable. On that basis, the proviso to section 2(15) did not apply and the assessee remained entitled to exemption under section 11. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411830