MAHARASHTRA AIRPORT DEVELOPMENT COMPANY LTD.,MUMBAI vs. ACIT-3(2)(1), MUMBAI

ITA 520/MUM/2019Status: DisposedITAT Mumbai27 September 2024AY 2007-08Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the assessee is an agent of the State of Maharashtra and therefore its interest income on fixed deposits is exempt from tax under Article 289(1) of the Constitution of India. The Revenue's grounds were rendered infructuous.

What were the facts?

The assessee, Maharashtra Airport Development Company Ltd., earned interest income on fixed deposits. The Revenue challenged the CIT(A)'s decision to accept additional evidence and allow relief to the assessee. The assessee claimed exemption for this interest income based on its status as an agent of the State.

What were the issues?

Whether the interest income earned by the assessee on fixed deposits is exempt from tax as it acts as an agent of the State. Whether the CIT(A) erred in accepting additional evidence without proper procedure.

Which sections of the Income-tax Act were involved?

Article 289(1), Article 289(2), Rule 46A

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, “D” BENCH MUMBAI

Before: SHRI SATBEER SINGH GODARA & SHRI GIRISH AGRAWAL

Hearing: 02.07.2024Pronounced: 27.09.2024

PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:

These two appeals filed by the Revenue and assessee are appeals against the order of Ld. CIT(A)-8, Mumbai, vide order no. CIT(A)-8/IT- Maharashtra Airport Development Company Ltd., AY 2007-08 414/16-17, dated 18.10.2024, against the assessment order passed by Assistant Commissioner of Income Tax, Circle-3(2)(1), Mumbai – 27(3)(1), u/s. 143(3) r.w.s. 254 of

The order continues below.

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