2021 (3) TMI 1223

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....hari, CIT DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue against the order of the ld. CIT(A), Muzaffarnagar dated 20.03.2017. 2. Following grounds have been raised by the revenue: "1. That the Learned CIT(A) has erred in law and on facts in directing to allow the benefit of section 11/12AA of I.T Act, and treating the activ....

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....- (net) receipt for specific purpose, whereas it is revenue receipt subject to Income & expenditure a/c and subject to tax". 3. The issue of treating the activity of the various city development authorities as charitable or not has been adjudicated by various Courts and Tribunals which consistently held that the activity of acquiring land, development of plots and construction of residential as....

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....  Agra Development Authority Vs CIT [(2013) 31 taxmann.com 40 (ITAT Agra Bench)  Mathura Development Authority Vs CIT [(ITA No. 13/Agra/2013 dated 19.07.2013  Jaipur Development Authority Vs CIT [(2014) 52 taxmann.com 25 (ITAT Jaipur Bench)]  Kapurthala Development Trust Vs CIT [(ITA No. 732/Asr./2013 dated 11.06.2015  M/s Patial....

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....s held that,  "the appellant has received infra structure funds under the orders of Govt. of U.P. and it was required to use such funds as per the direction of the High Powered Committee and has no control over the said funds. Therefore, the interest income from such funds is not the income of the appellant." 7. This observation has been given consistently by the ITAT in favour of....