Exemption u/s 11 not available as income hit by proviso to section 2(15)

U.P. Awas Evam Vikas Parishad Vs ACIT (ITAT Lucknow) Held that exemption u/s 11 will not be available to an assessee if the total income of the assessee includes any income which is hit by the proviso to provisions of section 2(15) of the Act. Facts- The assessee is a “Parishad” namely “The Uttar Pradesh Awas Evam Vikas Parishad” which has been incorporated by the Legislative Assembly vide Uttar Pradesh Awas Evam Vikas Parishad Adhiniyam 1965. The scope of activities to be performed by the Parishad are contained under section 15 of the enactment under the head “function o...