https://www.taxtmi.com/caselaws?id=768750 Statutory development authorities engaged in housing, town planning and planned development qualify as charities under the general public utility category, so their income must be computed under the charitable income regime and not other heads; outcome: assessing officer directed to compute income accordingly. Grants received for specified lowcost housing purposes and interest credited to the same fund are not taxable as profit; outcome: additions for the Vambay scheme deleted. Accumulation notices lacking specified purposes or late Form 10 filings do not permit accumulation benefits; outcome: accumulation claims refused. Investments held in prescribed banking and securities modes satisfy investment rules; outcome: no further inquiry required. Infrastructure and revolving funds require remand for factual analysis and appropriate crediting or routing through accounts. en-us Fri, 28 Feb 2025 00:00:00 +0530 Tue, 03 Feb 2026 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768750 Statutory development authorities engaged in housing, town planning and planned development qualify as charities under the general public utility category, so their income must be computed under the charitable income regime and not other heads; outcome: assessing officer directed to compute income accordingly. Grants received for specified lowcost housing purposes and interest credited to the same fund are not taxable as profit; outcome: additions for the Vambay scheme deleted. Accumulation notices lacking specified purposes or late Form 10 filings do not permit accumulation benefits; outcome: accumulation claims refused. Investments held in prescribed banking and securities modes satisfy investment rules; outcome: no further inquiry required. Infrastructure and revolving funds require remand for factual analysis and appropriate crediting or routing through accounts. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768750