Assessee is\u00a0 a town planning authority created under Karnataka Town and Country Planning Act, 1961. It undertook public welfare and developmental activities such as town planning, water conservation, and lake rejuvenation for town and its adjacent areas. The\u00a0 assessee operated under stringent Government regulation.\u00a0 All its receipts and expenditures were deposited into Town Planning Authority Fund, and budget was subject to approval by State Government. Assessee’s accounts were audited annually by Government agencies, and any surplus or assets, upon dissolution, reverted to State Government-These factors unequivocally demonstrated non-commercial character of assessee\u2019s activities. Functions of assessee aligned with definition of charitable purposes under section 2(15) as they were oriented towards advancement of public utility without any profit motive, and\u00a0 would be entitled to exemption under sections 11 and 12 of the Act.\u00a0 \u00a0(AY.\u00a0 2014-15 to 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 11 : Property held for charitable purposes-Town planning authority created under Karnataka Town and Country Planning Act, 1961-Public welfare and developmental activities-Town planning, water conservation and lake rejuvenation for town and its adjacent areas-Activities were charitable in nature-Entitled to exemption.[S. 2(15), 12, Karnataka Town and Country Planning Act, 1961] <\/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-55271","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ent","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55271","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=55271"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55271\/revisions"}],"predecessor-version":[{"id":55272,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55271\/revisions\/55272"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}