Case Law Details
Case Name : ITO (TDS) Vs Oriental Bank of Commerce (ITAT Mumbai)
Related Assessment Year : 2009-10 & 2010-11
Courts :
All ITAT ITAT Mumbai
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Brief of the case:
In the case of ACIT vs. OBC, Mumbai Bench of ITAT observed that the amount paid by the assessee bank (the lessee) to City Industrial Development Corporation (MMRDA) (Lessor) was in the nature of rent as defined u/s 194I of the Act or not, which held yes by CIT (A). ITAT observed the finding of the decision of ITAT Mumbai in case of Navi Mumbai SEZ Pvt. Ltd. vs Income Tax (ITA No.738 to 741/Mum/2012) in detail and held that the provisions of section 194-I are not applicable to the facts of the present appeal to deduct TDS on the lease premium paid by the assessee. Hon’ble I...
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Very useful judgement for professionals in Rajasthan as 2 years back IT Department has made several cases on similar type of transactions of land acquired from RIICO.