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2022 (7) TMI 1235 - AT - Income TaxExemption u/s 11 - exemption was denied by virtue of proviso to section 2(15) r.w.s. 13(8) - HELD THAT:- On perusal of the case laws relied on by the CIT(A) for taking a decision in favour of the assessee, we find the activities of the assessee’s in the said cases and that of the assessee in the instant case are identical. As in the case of M/s Karnataka Industrial Area Development Board (2020 (11) TMI 483 - KARNATAKA HIGH COURT] and the order of the Bangalore Bench of the Tribunal in the case of Bangalore Development Authority (2019 (6) TMI 429 - ITAT BANGALORE] had held that the assessee is not hit by the proviso to section 2(15) and hence, cannot be denied the benefit of exemption u/s 11 - DR was unable to point out any distinguishing features as regards the activities of the assessee and that of the activities of the assessee’s in the case laws relied on by the CIT(A). We see no reason to interfere with the orders of the CIT(A) and we affirm the same as correct and in accordance with law. Appeals filed by the Department are dismissed.
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