Property Taxation – India

Firm is not entitled to exemption under S 54 of Income Tax Act

By at September 2, 2011 | 5:13 am | 0 Comment

Firm is not entitled to exemption – A firm is not entitled to exemption under section 54 – CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.).Tax authorities must determine extent of appurtenant land – The expression ‘land appurtenant thereto’ under section 54 has also a secondary meaning as equivalent to ‘usually enjoyed or occupied with’. more...

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