Funds generated from charter hire and development accuse on the acreage acquired by state-run Maharashtra Industrial Development Corporation (MIDC) will not be accountable to pay assets tax in the state. ITAT has delivered its adjustment aftermost anniversary for the appraisal year 2011-12 in which the assets tax was adjourned at Rs 1,212 crore. In a aisle breaking order, the Assets Tax Appellate Tribunal (ITAT) has provided abatement to MIDC by advancement its angle as accompaniment article and its assets cannot be adjourned as profit. Desai said that MIDC’s captivation in the allocation of acreage does not abatement in the class of trade, business or business and appropriately it was not advantaged for acquittal of assets tax. MIDC hopes agnate abatement for blow of the appraisal years amid 2006 and 2016 and for which a absolute appeal aloft by the assets tax administration comes at Rs 9,311 crore.
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