The assessee, a statutory corporation constituted for development of industrial estates and infrastructure, was denied exemption under sections 11 and 12 on the ground that sale of plots amounted to carrying on business in view of the proviso to section 2(15). The Tribunal held that the issue already stood concluded in favour of the assessee by the jurisdictional High Court for earlier as well as subsequent assessment years and there was no change in the nature of its activities. Accordingly, the assessee continued to be engaged in advancement of an object of general public utility and was entitled to exemption under sections 11 and 12. (AY. 2012-13, 2013-14 & 2016-17)