Urban Improvement Trust not entitled to Tax Exemption under Section 10(20) of Income Tax Act, Supreme Court

Urban Improvement Trust not entitled to Tax Exemption under Section 10(20) of Income Tax Act, Supreme Court

The Supreme Court has held that an Urban Improvement Trust is not covered by definition of ‘local authority’ within the meaning of Explanation to Section 10(20) of the Income Tax Act, 1961 (IT Act). Hence, it is not entitled to tax exemption under the said provision.

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