https://www.taxtmi.com/caselaws?id=27682 The High Court held that the income of the Gujarat Industrial Development Corporation (GIDC) is not exempt from Union taxation under Article 289(1) of the Constitution of India as GIDC is not considered a State entity. Additionally, the GIDC's income does not qualify for exemption under Section 10(20A) of the Income-tax Act, 1961, as its purpose does not align with the criteria specified in the section. The Tribunal's decision was upheld, ruling in favor of the Revenue and against the assessee, with a certificate granted for an appeal to the Supreme Court under Section 261 of the Income-tax Act. en-us Fri, 29 Jun 1984 00:00:00 +0530 Mon, 15 Feb 2010 13:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27682 The High Court held that the income of the Gujarat Industrial Development Corporation (GIDC) is not exempt from Union taxation under Article 289(1) of the Constitution of India as GIDC is not considered a State entity. Additionally, the GIDC's income does not qualify for exemption under Section 10(20A) of the Income-tax Act, 1961, as its purpose does not align with the criteria specified in the section. The Tribunal's decision was upheld, ruling in favor of the Revenue and against the assessee, with a certificate granted for an appeal to the Supreme Court under Section 261 of the Income-tax Act. Case-Laws Income Tax Fri, 29 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27682