Maharashtra Industrial Development Corporation, Mumbai vs. Deputy Commissioner Income Tax (Exemptions)-2(1), Mumbai
The appeal of the assessee is partly allowed in terms of our aforesaid observations
ITA 4474/MUM/2017[2011-12]Status: DisposedITAT Mumbai07 Sept 2018AY 2011-12
Bench: Shri G.S.Pannu, Am & Shri Ravish Sood, Jm Maharashtra Industrial Deputy Commissioner Of Income Development Corporation Tax (Exemption)-2(1), बिधम/ Udyog Sarathi, Mahakali Piramal Chambers, Lalbaug, Vs. Caves Road, Andheri (East), Mumbai-400 012 Mumbai-400 093 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aaacm3560C (अऩीराथी /Appellant) (प्रत्मथी / Respondent) :
For Appellant: Shri V. Sridharan &For Respondent: Shri Purushottam Tripuri, CIT D.R
Section 143(3)Section 2Section 60Section 61Section 62
…eceived on leasing of the lands was clearly diverted at source to the State Government. In support of the aforesaid contention reliance was placed on the judgment of the Hon‟ble High Court of Bombay in the case of Somaiya Organao Chemicals Ltd. Vs. CIT (1995) 216 ITR 291 (Bom). Alternatively, it was submitted by the Ld. A.R that the A.O had even otherwise erred in treating the gross receipts as the taxable income of the assessee without granting deduction for the expenditure incurred on earning of the same. The Ld. A.R. in order to fortify his aforesaid claim took us through a computation of income, which as per…
