Proviso to Section 2(15) as substituted by Finance Act, 2015 is effective from 01.04.2016

Brief about the case:  In the case of Hoshiarpur Improvement Trust Vs The Income Tax Officer  the assessee being a trust was registered under the Punjab Towns Improvement Trusts Act, 1922. It was providing services under the control and supervision of State Government for development of cities and towns. It claimed relief under Section 11. However, the revenue denied such relief by equating assessee with a builder /colonizer. The revenue argued that the activity of trust would hit by exclusionary proviso to Section 2(15). The aggrieved-assessee filed the instant appeal before the Tribunal. R...