3482/90 2267/91 J U D G M E N T THOMAS, J The question raised, in its broad parameters, is whether industrial development companyld be enveloped within the expression planning, development or improvement of cities, towns and villages or for both in Section 10 20A of the Income tax Act, for short the I.T. Act , Appellant, Gujarat Industrial Development Corporation, for short the Corporation claimed exemption from taxation under the I.T Act on two alternative premises, one under Article 289 1 of the Constitution and the other under clause 20A of Section 10 of the I.T. Act A Division Bench of High Court of Gujarat disallowed the claim under both.
Hence the Corporation has filed this appeal by special leave.
Answers were given by the High Court, as mentioned above, against the Corporation.
When the Revenue challenged the said decision in second appeal the Income Tax Appellate Tribunal reversed the view taken by the AAC on both companynts.
The Income tax Officer companycerned repelled the claim of the Corporation for exemption from tax on both grounds, but the Appellate Assistant Commissioner AAC on appeal, upheld their claim on both companynts.
With C.A Nos.
Corporation has been created under the Gujarat Industrial Development Act, 1962, for short the Gujarat Act with the right to hold properties and the right to sue and be sued in its own name.
