Indian Oil Corporation Ltd vs A.P.Industrial Infractrcture Corpn.& ...

The Supreme Court upheld the High Court's decision that Indian Oil Corporation Limited (IOC) is liable to pay property tax under The Andhra Pradesh Panchayat Raj Act, 1994 for its storage and water tanks, which were deemed 'buildings' under Section 2(3) of the Act. The Court clarified that the definition of 'house' in Section 2(19) encompasses such structures, thereby affirming the tax demands for the assessment years in question. The appeal was dismissed, confirming the validity of the tax assessments made by the Andhra Pradesh Industrial Infrastructure Corporation Limited.