https://www.taxtmi.com/caselaws?id=375350 The Tribunal upheld the CIT's decision that the assessment orders for the years 2003-04 and 2004-05 were erroneous and prejudicial to the Revenue. It ruled that the entire lease premium should be recognized as income in the year of receipt, rejecting the assessee's method of spreading it over the lease period. Additionally, the Tribunal held that the assessee, despite being a statutory authority, is not exempt from taxation as an arm of the State Government. The appeals were dismissed, affirming the CIT's orders. en-us Fri, 26 Oct 2018 00:00:00 +0530 Mon, 18 Feb 2019 06:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375350 The Tribunal upheld the CIT's decision that the assessment orders for the years 2003-04 and 2004-05 were erroneous and prejudicial to the Revenue. It ruled that the entire lease premium should be recognized as income in the year of receipt, rejecting the assessee's method of spreading it over the lease period. Additionally, the Tribunal held that the assessee, despite being a statutory authority, is not exempt from taxation as an arm of the State Government. The appeals were dismissed, affirming the CIT's orders. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375350