CIDCO not Liable to pay Tax for the Income Earned by it as an Agent of Maharashtra Govt: ITAT

ACIT Vs M/s. City and Industrial Development Corporation of Maharashtra Ltd. (ITAT Mumbai) ITAT held that the CIDCO is an agent of the State Government of Maharashtra and the assessee is not doing any trade activity of its own and the entire income of the assessee gets deposited in the consolidated fund of the State and therefore the Revenue Authorities were in error in assessing business income in the hands of the assessee. FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- 1. This appeal is filed by the Revenue against the order of the Ld.CIT(A) – 24 Mumbai dated 17.12.2015 for the Assessment Yea...