No taxability on Lease Premiums and Rent collected as custodian of State Government

Maharashtra Industrial Development Corporation Vs CIT (Exemptions) (ITAT Mumbai) Conclusion: Lease premium and other charges received by assessee on behalf of the Government of Maharashtra and the ownership of the land remained with the State Government. Assessee’s role was confined to the development and management of industrial areas. Consequently, the lease premiums and related charges were not treated as the income of the assessee and were held to be non-taxable. Revisional order passed by CIT(E) under Section 263 was unjustified and was hereby quashed as CIT(E) was unable to identify an...