Sec. 11 of Income Tax Act, 1961— Exemption — A look at the income stream of the Assessee clearly reveals that all the activities from which the Assessee derives income are an inherent part of the main object of the Assessee and profit making is not the driving force or objective of the assessee rather the purpose for which the Assessee was created is to regulate and develop drinking water and drainage facilities in the urban areas of the State of Karnataka and for matters connected therewith and this makes it clear that any income generated by the Assessee does not find its way into the pockets of any individuals or entities and it is to be utilized fully for the purposes of the objects of the assessee will clearly show that the Assessee does not driven primarily by desire or motive to earn profits but to do charity through advancement of an object of general public utility and is operating on no profit basis which is substantiated by the actual income received on operations of the Assessee and the expenditure incurred set out in the earlier paragraphs of this order, thus, the proviso to Sec 2(15) is therefore not applicable to the case of the Assessee, therefore, assessee entitled to the benefits of Sec.11 - ASSTT. CIT V/s KARNATAKA INDUSTRIAL AREAS DEVELOPMENT BOARD - [2020] 27 ITCD Online 011 (ITAT-BANGALORE)