https://www.taxtmi.com/caselaws?id=451044 An ITAT Mumbai ruling recorded that a belated order giving effect was void where section 153(5) time limits were not met. It further held that grants-in-aid received by a special planning authority as an agent of the State for land acquisition, rehabilitation, airport development and maintenance were not taxable, and that development charges and fire service fees collected under statutory planning and fire safety laws were also non-taxable public-purpose receipts. Interest on advances to developers and lease-related receipts was treated as business income eligible for section 80IAB relief, while fixed-deposit interest required factual verification. In the absence of exempt income and where own funds exceeded investments, no section 14A/Rule 8D disallowance or corresponding section 115JB adjustment survived. en-us Fri, 15 Mar 2024 00:00:00 +0530 Mon, 18 Mar 2024 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451044 An ITAT Mumbai ruling recorded that a belated order giving effect was void where section 153(5) time limits were not met. It further held that grants-in-aid received by a special planning authority as an agent of the State for land acquisition, rehabilitation, airport development and maintenance were not taxable, and that development charges and fire service fees collected under statutory planning and fire safety laws were also non-taxable public-purpose receipts. Interest on advances to developers and lease-related receipts was treated as business income eligible for section 80IAB relief, while fixed-deposit interest required factual verification. In the absence of exempt income and where own funds exceeded investments, no section 14A/Rule 8D disallowance or corresponding section 115JB adjustment survived. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451044