Urban Improvement Trust is not a local authority & not eligible for exemption U/s. 10(20): SC

ITO Vs Urban Improvement Trust (Supreme Court of India)

“The High Court based its decision on the fact that functions carried out by the assessee are statutory functions and it is carrying on the functions for the benefit of the State Government for urban development. The said reasoning cannot lead to the conclusion that it is a Municipal Committee within the meaning of Section 10(20) Explanation Clause (iii).”

The Supreme Court on Friday held that Urban Improvement Trust constituted

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