The assessee was a State Industrial Development Corporation constituted for the purpose of securing and assisting rapid and orderly establishment and organization of industrial areas and industrial estates in the State and for the purpose of establishing the commercial centres in connection with the establishment and organization of such industries. The Assessing Officer invoked the provisions of section 2(15) read with section 13(8) of the Income-tax Act, 1961. The Tribunal held that the activities carried out by the assessee were neither in nature of trade, commerce or business for cess or fee nor any other consideration so as to attract the proviso to section 2(15) and could be said to be for charitable purpose and consequently, the exemption under section 11 was permitted. The Tribunal allowed the exemption under sections 11 and 12. On appeal, High Court affirmed the order of the Tribunal. (AY.2015-16)