Dismissing the appeal of the revenue the Court held that the asseessee which is engaged in promotion of rapid and orderly establishment, growth and development of industries in State and provided for industrial infrastructural facilities. Object of general public utility, proviso to section 2(15) was not applicable. Entitle for exemption. Followed Karnataka Industrial Areas Development Board v. ADDIT (E) (2020) 277 Taxman 36 (Karn.)(HC). AY. 2013-14)
PCIT(E) v. Karnataka Industrial Areas Development Board (2021) 130 taxmann.com 407 (Karn.)(HC), Editorial : SLP is granted to the revenue, PCIT(E) v. Karnataka Industrial Areas Development Board (2021) 283 Taxman 10(SC)
S. 11 : Property held for charitable purposes-Engaged in promotion of rapid and orderly establishment, growth and development of industries in State and provided for industrial infrastructural facilities-Object of general public utility, proviso to section 2(15) was not applicable-Entitle for exemption [S. 2(15, 12AA]