MUNICIPAL CORPORATION OF GREATERBOMBAY AND ANR. vs INDIAN OIL CORPORATION LTD.

The Supreme Court held that the storage tanks for petroleum products do not qualify as 'land' or 'building' under Sections 3(r) and 3(s) of the Bombay Municipal Corporation Act, 1888, and thus are not subject to property tax. The Court clarified that a 'building' must have a defined structure and comply with statutory regulations, which the tanks do not. Consequently, the High Court's ruling was overturned, and the Municipal Corporation's assessment was reinstated.