https://www.taxtmi.com/caselaws?id=22329 The court declined to intervene in the assessment orders where petitioners were treated as owners of built-up space in a commercial building, as appeals were already filed. However, the court addressed the challenge to the vires of section 27(iii) of the Income-tax Act, 1961. It clarified that the provision deems members of certain entities as owners for tax purposes without transferring legal ownership. The court upheld the validity of section 27(iii), emphasizing its benefits to cooperative society members and shareholders. Disputes on its interpretation were directed to appellate authorities, leading to the dismissal of the petition and vacating of interim orders. en-us Fri, 19 Jul 1991 00:00:00 +0530 Wed, 09 Dec 2009 12:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22329 The court declined to intervene in the assessment orders where petitioners were treated as owners of built-up space in a commercial building, as appeals were already filed. However, the court addressed the challenge to the vires of section 27(iii) of the Income-tax Act, 1961. It clarified that the provision deems members of certain entities as owners for tax purposes without transferring legal ownership. The court upheld the validity of section 27(iii), emphasizing its benefits to cooperative society members and shareholders. Disputes on its interpretation were directed to appellate authorities, leading to the dismissal of the petition and vacating of interim orders. Case-Laws Income Tax Fri, 19 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22329