CEGAT Upholds Exemption for State Govt. Company

The Appellate Tribunal CEGAT, Bangalore dismissed the Revenue's appeal as the Commissioner (Appeals) ruled in favor of the assessee, determining the appellant's company qualified for exemption under Notification No. 1/93 as it was 'belonging to or maintained by' the State Government. The Tribunal upheld the Commissioner's decision, finding no fault despite arguments presented by both parties.

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The Appellate Tribunal CEGAT, Bangalore dismissed the appeal filed by Revenue as the Commissioner (Appeals) decided in favor of the assessee, holding that the appellant's company 'belonging to or maintained by' the State Government, making it eligible for exemption under Notification No. 1/93. The Tribunal found no issue with the Commissioner's decision despite arguments from both sides. (Case Citation: 2003 (5) TMI 436 - CEGAT, BANGALORE)

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