https://www.taxtmi.com/caselaws?id=440461 The Supreme Court clarified that statutory corporations engaged in development activities are eligible for exemptions under Sections 11 and 12 of the Income Tax Act, as their receipts from statutory functions should not be treated as commercial if essential services are provided at cost or nominal mark-up. The Tribunal upheld the assessee's eligibility for exemptions, considering its activities for the public utility, and restricted the disallowance to dividend income from non-compliant investments, maintaining the exemptions under Sections 11 and 12. en-us Fri, 09 Jun 2023 00:00:00 +0530 Tue, 18 Jul 2023 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440461 The Supreme Court clarified that statutory corporations engaged in development activities are eligible for exemptions under Sections 11 and 12 of the Income Tax Act, as their receipts from statutory functions should not be treated as commercial if essential services are provided at cost or nominal mark-up. The Tribunal upheld the assessee's eligibility for exemptions, considering its activities for the public utility, and restricted the disallowance to dividend income from non-compliant investments, maintaining the exemptions under Sections 11 and 12. Case-Laws Income Tax Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440461