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2014 (7) TMI 343 - AT - Income TaxTDS on Lease premium u/s 194I - lease premium is in the nature of rent or not – Held that:- Following Income Tax Officer(TDS) Versus M/s Shah Group Builders Ltd. [2014 (1) TMI 1497 - ITAT MUMBAI] - The premium is not paid under a lease but is paid as a price for obtaining the lease, hence it precedes the grant of lease - it cannot be equated with the rent which is paid periodically - the assessee has made payment for acquiring leasehold land and additional built up area – CIT(A) rightly of the view that the lease premium paid by the assessee not being in the nature of rent as contemplated in section 194-I of the Act, the assessee was not liable to deduct tax at source from the said payment and hence could not be treated as the assessee in default u/s 201(1) & 201(1A) of the Act – Decided against Revenue.
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