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TMI Blog2019 (2) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... nce relying upon the same we allow the claim of the assessee and the disallowance of exemption as claimed by the assessee u/s 11 of the Act to the tune is hereby quashed and addition made thereon is thus deleted. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... 02-03 has been expressly taken away and the explanation added to Section 10(20) enumerates the "Local Authority" which do not cover the VUDA. Subsequently, the assessee claimed that its objects falls under the provisions of Section 2(15) of the Act and has complied with all the eligibility criteria for grant of registration u/s 12A of the Act, which was allowed by CIT-I, Baroda on 29.11.2005 subject to fulfillment of conditions laid down in the Act. It is relevant to mention that provisos of Section 2(15) were not existed at that time. It is the case of the assessee that it is an institutions registered u/s 12AA of the Act engaged in the activity of general public utility after verifying the nature of activity of the institutions and hence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of income of ₹ 70,73,010/- to the appellant u/s 11 of the IT Act is hereby upheld." 3. At the time of hearing of the instant appeal, the Learned Counsel for the assessee submitted before us that the case is covered by the judgments of Jurisdictional High Court passed in the matter of Ahmedabad Urban Development Authority-vs-ACIT 396 ITR 323 (Guj.) and CIT-vs-Gujarat Industrial Development Corporation [2017] 89 Taxmann.com 366 (Guj.) where the claim of the assessee has been allowed in it proper prospective. The Learned DR however, relied upon the order passed by the authorities below. 4. We have heard the respective parties, perused the relevant materials available on record. We find that in similar set of facts the Jurisdictiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee could not be said to be in the nature of trade, commerce and business and therefore, the proviso to Section 2(15) of the Act was not applicable so far as the assessee was concerned. Therefore, the assessee was entitled to exemption under section 11." Apart from that CIT-vs.-Gujarat Industrial Development Corporation, wherein it was held as follows: "Section 2(15), read with section 11, of the Income-tax Act, 1961 - Charitable purpose (Objects of general public utility) - Assessment year 2009-10 - Whether where assessee - corporation was constituted under Gujarat Industrial Development Act, 1962, for purpose of securing and assisting rapid and orderly establishment and organization of industrial areas and Industrial estates in Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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