Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2006 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (8) TMI 128 - HC - Income TaxStatus - 'local authority” - exempt u/s 10(20) - 'Whether, the status of the assessee-corporation was that of a 'local authority' and as such the income derived by it from house property, capital gains and the business of supply of goods and services was exempt to the extent provided in section 10(20) of the Income-tax Act, 1961, for the assessment years 1976-77 and 1977-78? – held that U.P. State Road Transport Corporation, even if it is treated as an "authority" within the meaning of article 12 of the Constitution of India it is not a "local authority" under section 10(20) of the Act as it does not possess the nature and characteristics of a municipal committee, district board or a body of port commissioners - held that as the applicant-corporation is not "local authority" within the meaning of section 10(20) of the Act the income earned by it from house property, capital gains, etc., is not exempted.
|