https://www.taxtmi.com/caselaws?id=769084 The HC upheld ITAT's decision that the assessee development authority qualified for charitable exemption under Section 2(15) of the IT Act. The court found that concurrent authorities correctly determined the assessee's activities in preparing development plans and selling houses constituted advancement of general public utility rather than commercial operations. The Assessing Officer failed to establish with material evidence that the authority engaged in trade, commerce or business activities. The HC affirmed that receiving rent, premium and interest alone does not invoke the first proviso to Section 2(15) without proof of commercial operations with profit motive. The authority's statutory nature and government control supported charitable status. en-us Tue, 15 Apr 2025 00:00:00 +0530 Fri, 18 Apr 2025 08:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769084 The HC upheld ITAT's decision that the assessee development authority qualified for charitable exemption under Section 2(15) of the IT Act. The court found that concurrent authorities correctly determined the assessee's activities in preparing development plans and selling houses constituted advancement of general public utility rather than commercial operations. The Assessing Officer failed to establish with material evidence that the authority engaged in trade, commerce or business activities. The HC affirmed that receiving rent, premium and interest alone does not invoke the first proviso to Section 2(15) without proof of commercial operations with profit motive. The authority's statutory nature and government control supported charitable status. Case-Laws Income Tax Tue, 15 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769084