Denial of exemption u/s. 11 on the basis of general statement is unsustainable

Slum Rehabilitation Authority Finance Controller Vs DDIT (Exemp) Circle–2(1) (ITAT Mumbai) ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act on the basis of making general statement without examining the alleged receipts is unjustified. Facts- Post Finance Act, 2002 the provisions of section 10(20A) were deleted and a new definition of local authorities u/s 10(20) of the Act were introduced. Accordingly, the local authority like MHADA, MMRDA and assessee, etc., came into the tax net. However, the assessee [local authority created by the State of Maharashtra und...