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1 - 5 of 5 (1.58 seconds)Section 194 in The Income Tax Act, 1961 [Entire Act]
Section 44AB in The Income Tax Act, 1961 [Entire Act]
Section 10 in The Income Tax Act, 1961 [Entire Act]
M/S Japan Airlines Co.Ltd vs Commr.Of Income Tax,New Delhi on 4 August, 2015
entered into by the assessee with the society and therefore, the CIT(A) is not
correct in stating that there is no agreement. The ld. DR further submitted that as
per Clause-14 (Page 51 of paper book) of the agreement dated 30.04.2007 the
payment made is termed as "rent" and that as per Clause-15 (Page 52 of paper
book), the assessee agreed to deduct TDS as per the applicable provisions of law.
Therefore, the ld. DR argued that the assessee itself has agreed that the payment
made is towards the rent and therefore, the AO has rightly held that tax needs to be
deducted at source under section 194I. With regard to CIT(A)'s findings that there
is no use of land and building, the ld. DR submitted that the assessee for the
purpose of re-development has taken over the possession of the land and therefore,
the payment made by whatever name called become taxable in the hands of the
tenants and therefore, the provisions of section 194I is very much applicable. The
ld. DR relied on the decision of the Hon'ble Supreme Court of India in the case of
Japan Airline Company Ltd. Vs. CIT(A) (ITA No. 9875 of 2013) to submit that the
development agreement serves as the lease agreement and the amount paid even if
it is termed as a compensation is nothing but rent which attracts deduction of tax at
source under section 194I of the Act.
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