{"id":17180,"date":"2021-04-25T11:28:29","date_gmt":"2021-04-25T05:58:29","guid":{"rendered":"https:\/\/itatonline.org\/digest\/karnataka-industrial-area-development-board-v-addl-dit-e-2020-121-taxmann-com-88-2021-277-taxman-36-karnhc\/"},"modified":"2021-04-25T11:28:29","modified_gmt":"2021-04-25T05:58:29","slug":"karnataka-industrial-area-development-board-v-addl-dit-e-2020-121-taxmann-com-88-2021-277-taxman-36-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/karnataka-industrial-area-development-board-v-addl-dit-e-2020-121-taxmann-com-88-2021-277-taxman-36-karnhc\/","title":{"rendered":"Karnataka Industrial Area Development Board .v. Addl DIT (E), (2020) 121 taxmann.com 88 \/ (2021) 277 Taxman 36 (Karn)(HC)"},"content":{"rendered":"<p>On appeal the High Court \u00a0allowing the appeal held that :<\/p>\n<ul>\n<li>main component of income of the assessee is derived in the form of interest and there is no profit element in earning income as interest;<\/li>\n<li>that the assessee has been established to promote rapid and orderly development of industries in the State and to assist in implementation of the policy of the Government;<\/li>\n<li>to facilitate in establishing infrastructure projects and to function on &#8216;No Profit-No Loss&#8217; basis;<\/li>\n<li>profit making is not the driving force or objective of the assessee;<\/li>\n<li>AO has not disputed that the assessee fulfills all the conditions for allowing exemption except proviso to Section 2(15) of the Act.<\/li>\n<\/ul>\n<p>Thus, the Tribunal has correctly held that the proviso to section 2(15) of the Act is not applicable to the case of the assessee. (ITA No. 205 of 2016, dt. 30\/09\/2020)\u00a0 (AY. 2009-10 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 11 : Property held for charitable purposes &#8211;   Statutory body-   Functions of assessee were fully controlled by instructions issued by Government &#8211; Assessee was engaged in charitable activity through advancement of an object of general public utility.  [ S. 2(15) ,  Karnataka Industrial Area Development Act, 1987 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17180","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4t6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17180"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17180\/revisions"}],"predecessor-version":[{"id":17181,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17180\/revisions\/17181"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}