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2015 (8) TMI 1024 - AT - Income TaxNon deduction of TDS u/s 194-I - nature of lease agreement - AO found the assessee as assessee in default under Section 201(1) and levied penal interest under Section 201(1A) - period of limitation for issuing order u/s 201(3) - Held that:- The date of filing of the statement for all practical purposes has to be taken as 18th August, 2011. If the date of filing of statement is taken as 18.08.2011, then the impugned order is within the period of time limit as provided under Section 201(3) of the Act. Therefore, this Tribunal is of the considered opinion that the order passed by the Assessing Officer under Section 201(1) of the Act is not barred by limitation. Since copy of the lease agreement between the assessee and Tamil Nadu Industrial Development Corporation is not available before us, we are unable to express our opinion on the nature of transaction whether, it was an advance payment of rent or cost of acquisition of the land could be decided after going through the so15 called lease deed executed by the assessee and TIDCO. Moreover, the matter needs to be re-examined in the light of the provisions of Section 2(47) read with Explanation (i) to Section 194-I of the Act. This Tribunal is of the considered opinion that the nature of the transaction could be ascertained only after going through the lease agreement said to be executed by the assessee and Tamil Nadu Industrial Development Corporation. Accordingly, the orders of the lower authorities are set aside. The entire issue is remitted back to the file of the Assessing Officer. - Decided in favour of assessee for statistical purposes
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