- (1.) Heard learned counsel for the parties.
(2.) These appeals are connected having arisen from common judgment and order dated 17.11.2005 passed by Income Tax Appellate Tribunal (Lucknow) in five connected appeals i.e I.T.R. Nos. 1216, 1217, 1218, 1219 and 1220 relating to assessment years 1977-78, 1978-79, 1981-82, 1985-86 and 1987-88.
(3.) The appeals were admitted on the following three substantial questions of law:- (i) Whether the ITAT, was legally correct in holding that UPSIDC did not have the status of "Authority" as stipulated in section 10(20A) of the Act and in rejecting its claim for exemption, thereunder ? (ii) Whether the Tribunal was legally correct in holding that in the absence of a specific notification having been issued by the State Government to create UPSIDC, it cannot be treated to be an "Authority" constituted in India "for the purposes of planning, development or improvement of cities, towns or villages or both" as stipulated under Section 10(20A) of the Act so as to be entitled to avail exemption thereunder ? (iii) Whether on a true and correct interpretation of the preamble of U.P. Industrial Development Act (Act No.19), 1962 and various provisions as appearing therein, as are related to setting of a requisite type of corporation and defining its area of operation, UPSIDC was liable to be treated as an 'authority' for the purposes of its claim for exemption under Section 10(20A) ?;