The High Court, following DIT (E) v. Karnataka Industrial Area Development Board (2020) 429 ITR 249 (Karn)(HC) dismissed the appeal of the Revenue. SLP of Revenue dismissed. (AY. 2011-12)
CIT(E) v. Karnataka Industrial Area Development Board (2023) 454 ITR 8 / 293 Taxman 505 (SC) Editorial : Decision of High Court affirmed, CIT (E) v. Karnataka Industrial Area Development Board, (Karn)(HC) (ITA No. 130 of 2021 dt.27-10-2021)
S. 11 : Property held for charitable purposes-Object of aiding development of industries-Statutory board set up by State-Entitled to exemption-SLP of revenue dismissed.[S. 2(15), Art. 136]