IDC receipts for State Government cannot be taxed in the Hands of Assessee

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether the CIT(A) is correct in upholding IDC receipts as normal trading receipts ignoring that the money belongs to state government?

In the present case, revenue has argued that the assessee Fund is a separate entity from the State and has, besides relying on the statutory provisions creating it, also relied heavily on the assesses admission of the said fact while

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