This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No taxability on Lease Premiums and Rent collected as custodian of State Government
Case Law Details
- Case Name
- Maharashtra Industrial Development Corporation Vs CIT (Exemptions) (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
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 unab...
Author Info
