Income from property under trust held wholly for charitable purpose is allowable as exemption u/s 11

Ghaziabad Development Authority Vs JCIT (ITAT Delhi) ITAT Delhi held that income derived from the property held under the trust is wholly for a charitable purpose and hence exemption under section 11 of the Income Tax Act is allowable. Facts- The assessee is engaged in development work constituted under Uttar Pradesh Urban Planning & Development Act, 1973. The assessee has been claiming the benefits of provisions of Section 10(20A). Section 10(20A) was omitted by Finance Act, 2002. The assessee filed a return of income on 31.12.2010 declaring a total income of Rs.4,24,09,340/-. The assessm...