• Welcome to itatonline.org Forum.
 

News:

Contact details of departmental representatives is available.

Main Menu

NO 12A FOR DEVELOPMENT AUTHORITIES

Started by pawansingla, September 06, 2010, 02:47:42 PM

Previous topic - Next topic

pawansingla

Activities of Indore Development Authority cannot fall within purview of section 2(15) of Income-tax Act, 1961



Since the main predominant object of the Indore Development Authority is profit making, therefore, there is no infirmity in the order of CIT in denying registration u.s 12A.12AA to the Indore Development Authority


[2010] 6 taxmann.com 132 (Indore - ITAT)
ITAT INDORE BENCH, INDORE
Indore Development Authority

v.

CIT

ITA No. 366.Ind.2008

July 6, 2010




prashantmaharishi

In this judgement decision of Goa Daman & Diu Industrial Development corporation V First ITO 15 ITD 447 ( Pune) where  it is held that "though the activity of the appellant might be   activity of profit  but not activity   for profit. The assessee has no profit motive though it has earned income  in the process.  That the activities of the trust were for a public purpose   was clear from the enactment. Thus the assesee fulfilled the  conditions for exemption u/s 11."   has not been considered . Now the issue should be refrred to special bench . 

here the distinction has been brought in between activity  of Profit and activity for profit.