https://www.taxtmi.com/caselaws?id=788417 Whether a municipal council qualifies as an Urban Local Body for exemption under section 10(20) was determinative; the tribunal applied the statutory definition of municipalities and recognised that the assessee's characterisation as a local authority in subsequent years constituted relevant factual and legal material, leading to deletion of additions treated as unexplained time deposits and interest. The assessment reopening under section 148/147 and taxation under section 115BBE were set aside insofar as they conflicted with the exemption, while interest and penalties remain consequential to the tax outcome. en-us Fri, 06 Feb 2026 00:00:00 +0530 Fri, 20 Mar 2026 12:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788417 Whether a municipal council qualifies as an Urban Local Body for exemption under section 10(20) was determinative; the tribunal applied the statutory definition of municipalities and recognised that the assessee's characterisation as a local authority in subsequent years constituted relevant factual and legal material, leading to deletion of additions treated as unexplained time deposits and interest. The assessment reopening under section 148/147 and taxation under section 115BBE were set aside insofar as they conflicted with the exemption, while interest and penalties remain consequential to the tax outcome. Case-Laws Income Tax Fri, 06 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788417