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2021 (6) TMI 131 - AT - Income TaxAccrual of income - sums collected by the assessee from the leases entered into by it would have to be treated as its income - assessee had treated the receipts as its liability in its balance sheet, on the ground that the sums were received by it and held by it on behalf of the Government of Maharashtra - Whether CIT(A) is right in holding that ownership of land vested with the state government and also that the income arising from viz. lease premiums, rent, development activities, interest income on funds parked as deposits with the bank etc cannot be assessed as the income of the assessee corporation following the decision of Hon'ble ITAT in the assessee's own case? - HELD THAT:- Assessee is acting as an agent of the Government of Maharashtra and thus, the income in question in the form of lease premium, rent, interest on bank deposits, etc. does not belong to the assessee but to the Government of Maharashtra. We have heard both the parties and perused the record. Both the parties fairly agreed that the grounds raised are covered in favour of the assessee by the order of the Tribunal [2018 (11) TMI 778 - ITAT MUMBAI]. We further note that Hon'ble Jurisdictional High Court has not yet reversed the aforesaid order of the ITAT. Hence, we uphold the order of learned CIT(A). Revenue appeals are dismissed.
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