Dismissing the appeal of the revenue the Court held that, assessee is a statutory authority to manage Ports. Main object is to enable commerce and economy of country which is entitle to exemption. Though the exemption was withdrawn as local authority, exemption can be claimed as charitable Trust. Delay in filing the application was condoned as the assessee was enjoying exemption as local authority which was withdrawn.
CIT v. Cochin Port Trust. (2019) 411 ITR 467/ 178 DTR 248/ 310 CTR 76 (Ker.)(HC)
S. 11 : Property held for charitable purposes-Statutory authority to manage Ports—Main object is to enable commerce and economy of country—Entitle to exemption–Withdrawal of exemption as local authority–Exemption can be claimed as charitable Trust-Delay in filing the application was condoned as the assessee was enjoying exemption as local authority which was withdrawn. [S. 2(15) 10(20), 12, 12AA]