Interest on Fixed Deposits Exempt When Article 289 Applies

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 �

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