“Section 23(2)(c)”

An organization’s purpose qualifies as 'general public utility' under section 2(15) if its primary objective is charitable, even if it incidentally benefits a specific group or generates some profit, provided the dominant motive is not profit-making. Such an entity is eligible for exemptions under the Act.

A taxing statute must be strictly construed: the subject is not to be taxed unless the charging provision clearly and explicitly imposes the obligation, without room for intendment or implication. There is no equity about a tax, and nothing is to be read into or implied within the language used.

The annual value of a property that remained vacant throughout the year is to be assessed at 'NIL' under section 23(1)(c) of the Income Tax Act.

The annual value of a property lying vacant is to be assessed at 'NIL' in terms of Section 23(1)(c) of the Income Tax Act, 1961.

The annual value of a property lying vacant is assessed at NIL under Section 23(1)(c) of the Income Tax Act, 1961.

The Departmental Representative argues that the Discounted Cash Flow (DCF) method is not applicable when a company's project has gone off track, as projections lack a basis and credentials/financials are not established.

The annual value of a property that remained vacant for the entire year must be assessed as Nil under Section 23(1)(c) of the Income Tax Act, 1961.