Mr. X has been taxed on income under house property on the basis of possession of disputed property. The court settled the case against Mr. X. What will be the status of taxed income
A. Mr. X will get refund of tax paid by him.
B. The owner will now be liable to pay tax on income earlier taxed in the hands of Mr. X.
C. Status quo will be maintained
D. Both (a) and (b)
Answer:D
Mr. X has been taxed on income under house property on the basis of possession of disputed property. The court settled the case against Mr. X. What will be the status of taxed income
A. Mr. X will get refund of tax paid by him. B. The owner will now be liable to pay tax on income earlier taxed in the hands of Mr. X. C. Status quo will be maintained D. Both (a) and (b)