 The Delhi High Court today exempted the Greater Noida Industrial Development Authority (GNIDA) from paying Income Tax, saying it is not carrying out any commercial activity with any profit motive.
A bench of Justices Sanjiv Khanna and Pratibha M Singh allowed the plea of the GNIDA seeking to set aside a 2015 order of the Central Board of Direct Taxes (CBDT) rejecting its application for grant of exemption under Section 10 (46) of the Income Tax Act 1961.
The authority had contended before the high court that the CBDT had on June 8, 2015, arbitrarily rejected its plea to declare the income of GNIDA under specified income on the ground that it is making huge profits out of its activities, which are commercial in nature.
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