New Delhi, Feb. 6 -- The Supreme Court has dismissed a Special Leave Petition (SLP) filed by the Kannur Municipal Corporation challenging arbitral and judicial findings that exempted a bus stand complex constructed on a Build-Operate-Transfer (BOT) basis from municipal property tax.
However, the Court modified the arbitral award to the limited extent of reducing the interest payable on the refund amount.
The dispute arose out of a Concession Agreement dated October 27, 2004, executed between Kannur Municipality and M/s K.K. Builders for the construction and operation of a bus stand complex on a BOT basis.
When the Municipality sought to levy property tax under the Kerala Municipality Act, the matter was referred to arbitration in terms o...