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2023 (11) TMI 1140 - AT - Income TaxExemption u/s 11 and 12 - Charitable Activity u/s 2(15) - Exemption denied invoking section 13(8) as there is no application of section 2(15) in the activity of the assessee - assessee is purely the urban development concern - addition made for payment towards public utility and towards Municipal Community - HED THAT:- The assessee is an Urban Development Society, and the assessee is developing land provided by the municipal community with the motive for development of Fazilka City after development the land has to be sold, so, in such circumstance, the profit has to be computed on based on two methods only, i.e. percentage completion method or the project completion method. The assessee is purely the urban development concern and claimed exemption u/s 11 and 12. The observation of the revenue is dismissed. As the assessee is eligible for exemption u/s 2(15) of the Act related to its activities. We respectfully relied on the order of Ahmedabad Urban Development Authority [2022 (10) TMI 948 - SUPREME COURT] that the activities of assessee is eligible for Section 2(15) of the Act. The Legal Ground of the assessee is adjudicated in favour of the assessee.
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