Contribution to State Nodal Agency Allowed as Application of Income

DCIT Vs Kanpur Development Authority (ITAT Delhi) Development Authority Entitled to Section 11 Exemption – Infrastructure Fund & AwasBandhu Contribution Held Non-Taxable The Delhi ITAT dismissed the Revenue’s appeal and upheld the CIT(A)’s order granting full relief to Kanpur Development Authority. The Tribunal held that the Authority continued to qualify as a charitable institution under Section 2(15) and was entitled to exemption under Sections 11 and 12, notwithstanding its activities of development and sale of properties. Relying on the Supreme Court decision in Ahmedabad Urb...