- (1.) Instant appeal has been preferred by the Revenue under Section 260A of Income Tax Act, 1961.
(2.) We have heard on the following substantial question of law: Whether, on the facts and circumstances of the case, the assessee Corporation is "Local Authority' and entitled for benefit of exemption under Section 10(20) of the Income Tax Act, 1961?
(3.) The dispute relates to the assessment year 2002-2003. The U.P. Jal Nigam (in short Jal Nigam) assessee, is a statutory body, established under the Act of the State Legislature namely, the Uttar Pradesh Water Supply and Sewerage Act, 1975 (in short Act).;