2024 (8) TMI 558

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..... The brief facts are that respondent-assessee is engaged in developing the area, providing civic amenities and allotment of lands. The income tax return for the assessment year 2009-2010 was filed declaring losses. The proceedings under Section 147 of the Income Tax Act, 1961 (for short 'the Act') culminated in order dated 23.03.2015 making an addition of Rs.79,76,39,913/-. It was held that the respondent was not eligible to claim exemption under Section 11 of the Act. The CIT(A) allowed the appeal on 25.07.2016. On dismissal of appeal of appellant by the Tribunal on 11.01.2017, the present appeal is filed. 3. Earlier this appeal was dismissed by this Court vide order dated 18.10.2016, the Supreme Court vide order dated 08.08.2022 remit....

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.... "B. Authorities, Corporation, or bodies established by statute. B.1. The amounts or any money whatsoever charged by a statutory corporation, board or any other body set up by the State Government or Central Governments, for achieving what are essentially 'public functions/services' (such as housing, industrial development, supply of water, sewage management, supply of food grain, development and town planning, etc.) may resemble trade, commercial, or business activities. However, since their objects are essential for advancement of public purposes/functions (and/are accordingly restrained by way of statutory provisions), such receipts are prima-facie to be excluded from the mischief of business or commercial receipts. This....