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2016 (8) TMI 1035 - AT - Income TaxTDS u/s 194A - lease premium / lease charges paida to M/s. New Okhla Industrial Development Authority (NOIDA) for the purpose of acquiring land - Held that:- Respectfully following the ratio laid down by Hon’ble Allahabad High Court in case of Canara Bank (2016 (5) TMI 570 - ALLAHABAD HIGH COURT), we hold that the assessee is not liable to deduct TDS u/s 194A of the Act as NOIDA would be a local authority and is a corporation established by the State Act. TDS u/s 194I - rent paid - Held that:- It is observed that a sum has been paid during the A.Y. 2009- 10 and the sum so paid are presumed payment towards purchase of industrial plot and stamp duty for the instrument entered into. In our considered opinion that payment cannot be considered as rent, in any event, these payments pertain to A.Y. 2009- 10 and from the financial statement filed in the paper book, no rent has been paid during the year under consideration. We, are therefore, of the considered opinion that in such a case, Section 194-I cannot be made applicable as no rent has been paid or credited. Accordingly, this ground filed by the Revenue stands dismissed.
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