In a recent ruling, landowners from Bangalore managed to get relief from income tax regarding undisclosed rental notice by demonstrating that their partnership firm owns the building, receives rent in the firm’s bank account, files ITR and pays tax accordingly.
To understand how the landowners won this case, it’s important to know the background, which dates back to May 1, 1999. On that day, five landowners from Bangalore made the decision to develop their land into an IT park and SEZ zone, leading them to sign a MOU with a reputable builder.
