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Applicability of TDS provisions of section 194-I of the Income-tax Act 1961 on lump sum lease premium paid for acquisition of long term lease-regarding

Income Tax - 35/2016 - Dated:- 13-10-2016 - Circular No. 35 of 2016 F No.275/29/2015-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated: 13th October, 2016 Subject: . Section 194-I of the Income-tax Act, 1961 (the Act) requires that tax be deducted at source at the prescribed rates from payment of any income by way of rent. For the purposes of this section, "rent" has been defined as any payment, by whatever name called, under any l .....

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ard has taken note of the fact that in the case of The Indian Newspaper Society (ITA No. 918 & 920/2015), the Hon'ble Delhi High Court has ruled that lease premium paid by the assessee for acquiring a plot of land on an 80 years lease was in the nature of capital expense not falling within the ambit of Section 194-I of the Act. In this case, the court reasoned that since all the rights easements and appurtenances in respect of the said land were in effect transferred to the lessee for 80 .....

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