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Interest on Fixed Deposits Exempt When Article 289 Applies
Case Law Details
- Case Name
- Maharashtra Airport Development Company Vs National Faceless Assessment Centre (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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Maharashtra Airport Development Company Vs National Faceless Assessment Centre (ITAT Mumbai)
Mumbai ITAT Holds MADC as “State” u/Art. 12: Interest on FDs & State Grants Immune from Tax u/Art. 289
Assessee, Maharashtra Airport Development Company Ltd (MADC), a special purpose company incorporated by Government of Maharashtra for development of airports, MIHAN & allied infrastructure, challenged taxation of interest income of ₹3.65 crore on fixed deposits & grant-in-aid of ₹174.03 crore received from State Government. Tribunal admitted an additional legal g...
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