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2019 (5) TMI 307 - HC - Income TaxPenalty u/s 271-C - assessee failed to deduct on lease rent and interest paid to Yamuna Expressway Industrial Development Authority u/s 194-I, 194-A - sufficient/reasonable cause as contemplated u/s.273-B for the assessee's failure to deduct tax at source - tribunal deleted the penalty imposed as no addition of tax at source could make prior to the year of survey on 24.2.2014 and no other order against the assessee required deduction of tax at source at that time when the assessee made payment of lease rental, was existing - HELD THAT:- Apex Court in the case of NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY (NO.2) VERSUS COMMISSIONER OF INCOME TAX (APPEALS) AND OTHERS 2018 (8) TMI 1374 - SUPREME COURT OF INDIA] has opined that word 'rent' means any payment by whatever name called under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land and came to the conclusion that lease money or annual rent is rent within the meaning of section 194-I of the Act. The matter requires fresh consideration by the tribunal. We therefore remand the matter back to the tribunal and the matter remand shall be reconsidered by the tribunal within a period of three months from the date of issuance of a certified copy of this order.
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