https://www.taxtmi.com/caselaws?id=118742 The Appellate Tribunal ITAT Bangalore ruled in favor of the appellant, deciding that the tax deduction rate on rent payable to individual co-owners should be 15% instead of 20%. This determination was based on the specific provisions of section 26 of the Income-tax Act, 1961, which recognized the co-owners as individuals with definite shares in the property. As a result, the tenants were not held as assessee-in-default, and no interest was to be levied. All appeals by the assessees were allowed, emphasizing the distinction between individual co-owners and entities like Associations of Persons for tax deduction purposes. en-us Sat, 08 Oct 2005 00:00:00 +0530 Wed, 01 Aug 2012 00:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118742 The Appellate Tribunal ITAT Bangalore ruled in favor of the appellant, deciding that the tax deduction rate on rent payable to individual co-owners should be 15% instead of 20%. This determination was based on the specific provisions of section 26 of the Income-tax Act, 1961, which recognized the co-owners as individuals with definite shares in the property. As a result, the tenants were not held as assessee-in-default, and no interest was to be levied. All appeals by the assessees were allowed, emphasizing the distinction between individual co-owners and entities like Associations of Persons for tax deduction purposes. Case-Laws Income Tax Sat, 08 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118742