Can’t treat NA as municipality remarks Supreme Court, denies income tax exemption plea
The Supreme Court has made it clear that New Okhla Industrial Development Authority or NOIDA cannot be treated as a municipality and hence there cannot be an exemption for it from income tax.
Section 10(20) of the Income Tax Act as amended by the Finance Act, 2002 w.e.f. 01.04.2003 allows local authority or municipality to get tax exemption…
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