https://www.taxtmi.com/caselaws?id=408235 Lease premium, rent and interest from industrial lands and related funds were held not assessable in the hands of the assessee corporation, because the statutory scheme under the Maharashtra Industrial Development Corporation Act did not create conclusive vesting of ownership for income-tax purposes and an earlier Tribunal decision in the same assessee's case had already treated the income as belonging to the State Government. As that prior view had not been reversed by the jurisdictional High Court, the Tribunal applied it for the year in question. The Revenue's challenge failed and the lower appellate orders were affirmed. en-us Fri, 21 May 2021 00:00:00 +0530 Thu, 03 Jun 2021 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408235 Lease premium, rent and interest from industrial lands and related funds were held not assessable in the hands of the assessee corporation, because the statutory scheme under the Maharashtra Industrial Development Corporation Act did not create conclusive vesting of ownership for income-tax purposes and an earlier Tribunal decision in the same assessee's case had already treated the income as belonging to the State Government. As that prior view had not been reversed by the jurisdictional High Court, the Tribunal applied it for the year in question. The Revenue's challenge failed and the lower appellate orders were affirmed. Case-Laws Income Tax Fri, 21 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408235