https://www.taxtmi.com/caselaws?id=446249 ITAT Amritsar allowed exemption u/s 11 and 12 to Urban Development Society, overturning revenue's denial under section 13(8). The assessee developed municipal land for Fazilka City development with subsequent sale. ITAT held the activities qualified as charitable under section 2(15), dismissing revenue's contention that assessee was purely commercial urban development concern. Decision relied on SC precedent in Ahmedabad Urban Development Authority case, ruling assessee's activities eligible for charitable exemption. Legal grounds decided in assessee's favor. en-us Wed, 20 Sep 2023 00:00:00 +0530 Wed, 29 Nov 2023 06:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446249 ITAT Amritsar allowed exemption u/s 11 and 12 to Urban Development Society, overturning revenue's denial under section 13(8). The assessee developed municipal land for Fazilka City development with subsequent sale. ITAT held the activities qualified as charitable under section 2(15), dismissing revenue's contention that assessee was purely commercial urban development concern. Decision relied on SC precedent in Ahmedabad Urban Development Authority case, ruling assessee's activities eligible for charitable exemption. Legal grounds decided in assessee's favor. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446249