TaxTMI 
TaxTMI 
2007 (7) TMI 296
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....ate Tribunal was right in holding that the assessee-company was entitled to exemption under section 10(20A) of the Income-tax Act, 1961, even though the assessee-company has not been formed under specific law for the purpose of development as per the requirements of section 10(20A)? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee-company was eligible under section 10(20A) of the Income-tax Act, 1961, even though the assessee has not substantially complied with the requirements of section 10(20A)? 3. Whether the Income-tax Appellate Tribunal was right in directing granting of relief for the assessment years 1989-90 and 1990-91 when the scope of proceedings under section....
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.... of facts are as under : The appellant in Tax Case No. 205 of 2004 is a State Government undertaking engaged in the promotion of industrial activities and making provision for infrastructure to industries. It has as its various objects, promotion of industrial growth, development of industrial infrastructure for which it acquires land, develops it and provides facilities like power, water, etc. For the assessment year 1992-93 (Tax Case No. 205 of 2004), the assessee filed return on December 28, 1992, admitting "nil" income. The assessment was completed by order dated February 20, 1995, denying exemption to the assessee. On an appeal before the first appellate authority, the Commissioner of Income-tax (Appeals), by order dated July ....
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....sing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both." 8. It is an admitted case that the assessee is not an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both. It is also admitted that the assessee has been incorporated under the provisions of the Companies Act, 1956. Hence, the assessee cannot claim the benefit under section 10(20A) of the Income-tax Act, 1961, though it might come with the later part of the provisions of section 10(20A) of the Income-tax Act, 1961. 9. F....
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....provisions of section 11 of the Act. 11. Here again, we are not able to accept the suggestion made by learned senior counsel for the reason that in that case during the course of assessment proceedings for 1977-78, 1980-81 and 1984-85, the Forest Corporation claimed its status to be that of a local authority entitled to exemption under section 10(20). The Assessing Officer rejected the claim and in respect of the assessment years 1977-78 and 1980-81, he taxed it in the status of artificial juridical person and in respect of the assessment year 1984-85 as a company. The assessee then filed an appeal in respect of the assessment years 1977-78 and 1980-81 and the Commissioner of Income-tax (Appeals) came to the conclusion that the responden....