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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)
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 ground relying on ...
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Name: CA Vijayakumar Shetty
Qualification: CA in Practice
Company: Shetty & Co, Chartered Accountants, Mangalore
Location: Mangalore, Karnataka, India
Member Since: 17 Feb 2018 | Total Posts: 5366
CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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