Greater Noida Devt Authority exempted from tax

noida logoBy Accommodation Times Bureau


On Monday, the Delhi High Court (HC) exempted the Greater Noida Industrial Development Authority (GNIDA) from paying Income Tax, stating that it was not carrying out any commercial activity with any profit object.

A bench of Justices Pratibha M Singh and Sanjiv Khanna granted the appeal of the GNIDA looking to set aside a 2015 order of the Central Board of Direct Taxes (CBDT) dismissing its application for grant of exemption under Section 10 (46) of the Income Tax Act 1961.

The Section 10(46) of the Information Technology Act deals with the exemption of ‘specified income’ of certain bodies or authorities.

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