https://www.taxtmi.com/caselaws?id=777593 A statutory development authority, if continuing to hold registration under section 12AA and carrying out development functions as a public utility, is not automatically denied exemption under sections 11 and 12 merely because of the proviso to section 2(15). The text also treats the authority, when functioning as a Special Planning Authority under the governing planning statutes, as acting on behalf of and as an agent of the State Government, so its receipts are assessed within that statutory framework. Once exemption is upheld, related adjustments on lease premium, TDR and notional interest are treated as consequential and not separately sustained. en-us Wed, 28 May 2025 00:00:00 +0530 Wed, 27 Aug 2025 14:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777593 A statutory development authority, if continuing to hold registration under section 12AA and carrying out development functions as a public utility, is not automatically denied exemption under sections 11 and 12 merely because of the proviso to section 2(15). The text also treats the authority, when functioning as a Special Planning Authority under the governing planning statutes, as acting on behalf of and as an agent of the State Government, so its receipts are assessed within that statutory framework. Once exemption is upheld, related adjustments on lease premium, TDR and notional interest are treated as consequential and not separately sustained. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777593