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2011 (9) TMI 535 - HC - Income TaxAssessment passed after the Board had become extinct - Act Repealed - Held That:- local Act remained on the statute book from 1960 to 31.8.2006. Quondam Board has always been effectively represented and, therefore, the proceedings cannot abate on account of formal non-substitution of the nominee of the State Government. Receipt of Board are non taxable as its a charitable Society - Held That:- Board's fund was meant for specific purposes to meet the expenses for establishment of Board, and those incurred in the interest of the Market committee. In such a situation, it is a statutory, compulsory contribution by the market committee to the Board's fund, meant for specified statutory purposes, which cannot be used for any purpose that the Board desires, and surely cannot be used for commercial activities, or trade and business. Hence it is not a revenue receipt and, therefore, cannot be taxed.
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