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2012 (7) TMI 8 - HC - Income TaxStay - demand - assessee - claim of the petitioner is that he is acting as an agent of the Government for the Navi Mumbai project - assessment order issued holding the petitioner to be chargeable to tax for all its projects including the Navi Mumbai – (i) the land for Navi Mumbai project was acquired by the State Government ; (ii) compensation was paid by the State Government ; and (iii) the lands have been registered in the name of CIDCO for and on behalf of the State Government – Held that:- Under sub-section (3) of section 40(1B), the provisions of Chapter VI of the Act apply mutatis mutandis to the special planning authority as they apply to the development authority as if the notified area were to be a new town, subject to certain modifications including the deletion of section 113A. Under section 160, upon dissolution of the special planning authority or new town development authority, all properties, funds and dues vest in the State Government and all liabilities are enforceable against the State Government - stay is granted of the recovery of the dues
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