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) and 'houses' under Section 2(19) of the Act. The Court found no violation of natural justice principles in the demand notices issued for property tax for the assessment years 2000-01 to 2006-07. The appeal was dismissed, affirming the High Court's ruling on the tax liability of IOC.