1978 (9) TMI 8 - HC - Income Tax

Summary

The High Court of Allahabad ruled that income of a local authority from a trade or business within its jurisdiction is exempt from tax under section 10(20) of the Income Tax Act, 1961. The District Board was found to be organizing a mela and exhibition, entitling it to the tax exemption. The court ruled in favor of the assessee and awarded costs of Rs. 200.