ACIT v. Karnataka Industrial Areas Development Board (2020) 80 ITR 1 (SN) (Bang.)(Trib.)

S. 11 : Property held for charitable purpose-A Statutory body established for acquisition of land for Industrial Infrastructure- Operating on non profit basis-Entitle to exemption. [S. 2(15), 32]

Tribunal held that a statutory body established for acquisition of land for Industrial Infrastructure operating on non profit basis is entitle to exemption. Tribunal also held that  if the amount had been spent on acquiring assets and had been treated as application of income in the year in which such assets were acquired that did not mean that in subsequent years depreciation could not be taken into account. (AY. 2012-13)