From Urban townships to higher VAT, here are the key court orders

The Supreme Court said that the High Court had no jurisdiction to go against the conviction on the ground of presumptions without explanations

Urban townships lose tax benefit

The Supreme Court last week dismissed the appeal of New Okhla Industrial Development Authority (Noida) challenging the income tax notices issued to it and declared that it was not a ‘local authority’ entitled to exemption after the 74th amendment to the Constitution. The earlier exemption granted to it was withdrawn by the Finance Act of 2002. After 2003, only Panchayats, municipalities, municipal committees and cantonment boards get the tax benefit. The amended law had also defined ‘local authority’ in clear terms, which was not done before. After that several industrial development authorities, corporations and marketing committees