https://www.taxtmi.com/caselaws?id=38946 A statutory corporation was held not to be a "local authority" for income-tax purposes because it was not itself an authority with legally recognised control or management of a municipal or local fund, and mere governmental supervision or a special notification treating its fund as local did not change that character. It therefore did not qualify for exemption under section 10(20). The corporation also failed to obtain deduction for amounts set aside for employees' provident fund and gratuity fund, because the funds were not created under any irrevocable trust and the amounts remained under its proprietary control, so the expenditure was not finally and irrevocably laid out. en-us Mon, 29 Mar 1976 00:00:00 +0530 Sat, 10 Apr 2010 14:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38946 A statutory corporation was held not to be a "local authority" for income-tax purposes because it was not itself an authority with legally recognised control or management of a municipal or local fund, and mere governmental supervision or a special notification treating its fund as local did not change that character. It therefore did not qualify for exemption under section 10(20). The corporation also failed to obtain deduction for amounts set aside for employees' provident fund and gratuity fund, because the funds were not created under any irrevocable trust and the amounts remained under its proprietary control, so the expenditure was not finally and irrevocably laid out. Case-Laws Income Tax Mon, 29 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38946