Tribunal held that activity for planned urban development is not hit by proviso to S.2(15) hence, assessee is entitled to exemption . (AY. 2013-14 , 2014-15)
Bangalore Development Authority v. Dy.CIT( E ) (2019)73 ITR 711 (Bang.)(Trib.)
S. 11 : Property held for charitable purposes – Object of general public utility – Activity for planned urban development is not hit by proviso to section 2(15)- Entitled to exemption .[ S.2(15) ,12A ]