Development authority established with profit motive not entitled for registration u/s. 12A

IN THE ITAT AMRITSAR BENCH Jammu Development Authority V/s. Commissioner of Income-tax, Jammu IT APPEAL NO. 30 (ASR.) OF 2011 JUNE 14, 2012 ORDER 1. This appeal of the assessee arises from the order of the Commissioner of Income Tax, Jammu, dated 08.12.2010 passed under section 12AA(3) of the Income Tax Act, 1961 (In short ‘the Act’). 2. The assessee has raised following grounds of appeal: “1.  That the impugned order of the learned Commissioner of Income Tax (CIT) is patently against law, erroneous and merits to be quashed.  2.  That the invoking of the p...