https://www.taxtmi.com/caselaws?id=755628 A statutory development authority acting under State directions was treated as carrying out public developmental functions, not commercial activity, when it advanced loans and credit to other State instrumentalities for development-related purposes. The Court also held that prudent investment of surplus public funds in bonds, shares, fixed deposits and similar placements, with returns ploughed back into statutory obligations, did not by itself become a profit-driven enterprise. On that basis, refusal of exemption under section 10(46) was found unsustainable because the authority's receipts and deployment remained connected to its regulatory and developmental mandate. 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 A statutory development authority acting under State directions was treated as carrying out public developmental functions, not commercial activity, when it advanced loans and credit to other State instrumentalities for development-related purposes. The Court also held that prudent investment of surplus public funds in bonds, shares, fixed deposits and similar placements, with returns ploughed back into statutory obligations, did not by itself become a profit-driven enterprise. On that basis, refusal of exemption under section 10(46) was found unsustainable because the authority's receipts and deployment remained connected to its regulatory and developmental mandate. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755628