https://www.taxtmi.com/caselaws?id=423129 A statutory development authority is treated as a separate legal and taxable entity, so its receipts do not become the income of the State merely because it is created under a State enactment; exemption under Article 289 was therefore unavailable. Receipts earmarked for infrastructure development also were not diverted at source by overriding title, because earmarking did not transfer ownership of the income and only actual expenditure for that purpose could be deducted. The authority's income was held taxable in its own hands, and the appeals failed. en-us Fri, 20 May 2022 00:00:00 +0530 Sat, 28 May 2022 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423129 A statutory development authority is treated as a separate legal and taxable entity, so its receipts do not become the income of the State merely because it is created under a State enactment; exemption under Article 289 was therefore unavailable. Receipts earmarked for infrastructure development also were not diverted at source by overriding title, because earmarking did not transfer ownership of the income and only actual expenditure for that purpose could be deducted. The authority's income was held taxable in its own hands, and the appeals failed. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423129