Dismissing the appeal of the assessee the Court held that ; assessee was a Government company established with main object to develop industrial area for industrial growth in State. land premium received by assessee was part and parcel of its business receipt and, hence, same was a taxable revenue receipt . (AY. 2003-04, 2004-05, 2006-07, 2007-08 to 2010-11)
M.P. Audyogik Kendra Vikas Nigam (Indore) Ltd. v. ACIT (2018) 258 Taxman 372/ 171 DTR 305/ 305 CTR 457 (MP)(HC)
S. 28(i) : Business income – Business of leasing out of land and getting rental income as land premium – land premium received by assessee was part and parcel of its business receipt and, hence, same was a taxable revenue receipt .[ S.10(20A)]