II. Today's Tenders Info.
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NATIONAL RURAL HEALTH MISSION
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III. Judicial Pronouncements
1. INCOME TAX OFFICER Vs. THE SPECIAL LAND ACQUISITION OFFICER ITA No. 4174/Mum/2009, Dated: 29th April 2011, ITAT – Mumbai
Whether when the compensation is paid for acquiring the agricultural land, the rigours of Sec 194LA are not attracted.
Definition u/s 2(14) of the Act is for the purpose of taxing the capital gain on transfer of the land. Whereas the term used u/s 194LA is only for the limited purposes of deduction of TDS in compulsory acquisition, therefore, as held by the Kerala High Court the definition is given in section 2(14) cannot be imported for the purpose of section 194LA;it is not a decisive factor when the land itself is agricultural land though may not be used for agricultural purposes but unless and until the same is used for non agricultural purposes it cannot be said that the land cannot be treated as agricultural land for the purposes of section 194LA.
(Please click here for judgment)
2. INCOME TAX OFFICER Vs. RAJESH KR GARG, ITA No. 532/Kol/2011, Dated: 5th August 2011, ITAT – Kolkata
Whether when the assessee has received Form 15I from the payee and no deduction is made on that basis, no disallowance can be made u/s 194C only for the reason that the forms were not submitted in time before the jurisdictional CIT.
Even if the assessee has delayed the filing of the declarations with the office of the CIT/CCIT (TDS) within the time limit specified in subsection (2) of section 197A, that is a distinct omission or default for which a penalty is prescribed. The assessee’s claim is accepted that since he had the declarations of the payees in the prescribed form before him at the time when the interest was paid, he was not liable to deduct tax therefrom under section 194A.
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