Five Bangalore landowners faced tax on rental income from an IT park built through a partnership firm; IT department alleged it was a tax-avoidance structure, ITAT gives relief
In 1999, five landowners decided to develop their property into an IT park and SEZ zone. (Image for representative purpose only) What constitutes tax avoidance? In a recent ruling, five Bangalore landowners have secured relief from ITAT in an income tax dispute over alleged undisclosed rental income.They established that the building belonged to their partnership…
