Section 113 of the Income Tax Act

Funds received by an entity acting as a nodal agency or agent of the government for implementing specific government schemes, or income generated from such funds (like lease premiums or interest), are not taxable in the hands of the agency if held on behalf of or remitted to the government.

The law declared by a High Court is binding on all subordinate authorities and tribunals within its territorial jurisdiction.

Beneficial statutes, especially procedural provisions, can be given retrospective effect if they are enacted for the benefit of the community as a whole, applying the doctrine of fairness, even without an explicit retrospective provision.

A statute enacted for the benefit of the community as a whole may be considered retrospective in nature, even without an express provision for it.

Institutions established for specific purposes are not considered 'local authorities' for the purpose of Section 10(20) of the Income Tax Act.

Revenue authorities are not justified in assessing business income in the hands of an entity engaged in construction and development of residential and commercial structures entirely on behalf of the State, as such income constitutes income of the State and is not exigible to income tax. This principle was affirmed by the jurisdictional High Court, affirming the Tribunal's decision.

Cancellation of registration granted under section 12A of the Income Tax Act, 1961, requires examination of the assessee's activities in light of the objects of the trust and the definition of 'charitable purpose' under Section 2(15), especially concerning the proviso.

The Commissioner has the power to cancel registration under Section 12AA(3) for violations occurring prior to the amendment by the Finance Act of 2010. This power existed even before it was explicitly conferred by the amendment.

Receipts arising to an assessee in its capacity as a Special Planning Authority (SPA) are not chargeable to tax, especially when established under specific acts and in line with precedents like CIDCO.

Institutions set up for specific purposes do not qualify as 'local authorities' for the purpose of section 10(20) of the Income-tax Act. This applies even if the institution's activities are considered for the advancement of general public utility.