https://www.taxtmi.com/caselaws?id=755628 Delhi HC allowed NOIDA's writ petition challenging denial of exemption under Section 10(46). The court held that NOIDA, constituted under UPID Act as a development authority, acts as an arm of the State for planned industrial development rather than a commercial enterprise. The revenue authorities erroneously concluded that NOIDA's loans to entities and investments in bonds/shares constituted commercial activities undertaken for profit. The court found these activities were supportive of development objectives, not profit-motivated, noting NOIDA's financial statements showed negative margins in most years from FY 2011-12 to 2022-23. The exemption denial order was quashed and authorities directed to process NOIDA's application considering the court's observations. en-us Thu, 11 Jul 2024 00:00:00 +0530 Thu, 24 Oct 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755628 Delhi HC allowed NOIDA's writ petition challenging denial of exemption under Section 10(46). The court held that NOIDA, constituted under UPID Act as a development authority, acts as an arm of the State for planned industrial development rather than a commercial enterprise. The revenue authorities erroneously concluded that NOIDA's loans to entities and investments in bonds/shares constituted commercial activities undertaken for profit. The court found these activities were supportive of development objectives, not profit-motivated, noting NOIDA's financial statements showed negative margins in most years from FY 2011-12 to 2022-23. The exemption denial order was quashed and authorities directed to process NOIDA's application considering the court's observations. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755628