TMI Blog2013 (8) TMI 1155X X X X Extracts X X X X X X X X Extracts X X X X ..... y belonging to the petitioner is being transferred to the Government for the Kochi Metro Rail Project. A district level purchase committee constituted for the purpose has negotiated with the petitioner as regards the price of the property and a consideration at the rate of ₹ 17 lakhs percent is agreed upon. The petitioner has already produced the consent letter as well as the original documents including the title deeds, encumbrance certificate, tax receipt, possession certificate etc., to the Special Tahsildar (Land Acquisition) No. II The petitioner is apprehensive of deduction of income tax and has filed the Writ Petition for a direction to disburse the whole of the sale consideration without any deduction what so ever. Reliance is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon. (2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees. (3) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with the provisions of this section. Explanation:- For the purpose of this section, - (a) agricultural land means agricultural land in India, not being a land situate in any area referred to in items (a) and (b) of sub-clause (iii) of clause (14) of section 2; (b) immovable property means any land (other than ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand (according to the last preceding census of which are relevant figures have been published before the first day of the previous year); or (b) in any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette. It is unnecessary to probe in to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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