Title: Delhi High Court directs CBDT to process section 10(46) Exemption application of NOIDA Authority
The New Okhla Industrial Development Authority (NOIDA) has filed a petition challenging the order dated 24 December 2020, where the Central Board of Direct Taxes (CBDT) refused its request for certification under Section 10(46) of the Income Tax Act, 1961. This provision allows for certain bodies or authorities not engaged in commercial activities to be exempt from taxation.
Delayed decision: NOIDA had applied for certification in November 2011, which was pending for a long time. The matter was taken to the Delhi High Court in W.P.(C) 5574/2020, where the CBDT was directed to decide on the application within 12 weeks.
Reason for refusal: The CBDT’s decision was based on NOIDA extending loans to various entities, as stated in para 7.1 of the order dated 10 December 2020. This raised concerns for the CBDT.
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Introduction
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Main Body
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Conclusion
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