no exemptions

Last Updated: Saturday 04 July 2015

The Supreme Court has stated that a forest corporation is not entitled to tax exemptions as it was a local authority. The court delivered the verdict in the case of UP Forest Corporation, which claimed exemption under Section 10 (20) of the Income Tax Act. The Allahabad high court had agreed with the corporation's argument that it was a local authority thus prompting the revenue authorities to move the Supreme Court. The division bench stated in their judgement that a local authority, according to the definition given in the General Clauses Act, is a body like the municipal committee or the port commissioner.

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