https://www.taxtmi.com/caselaws?id=236306 A lump-sum lease premium paid to acquire long-term leasehold rights in land for development of a special economic zone was held not to be "rent" under section 194-I of the Income-tax Act. The payment was treated as consideration for obtaining a substantive interest in the property, with rights to develop, construct, market, sub-lease, assign and exploit the land, rather than periodic consideration for mere use of land. Applying the distinction between premium and rent, the tribunal held that no tax deduction obligation arose and the corresponding demand under sections 201(1) and 201(1A) could not be sustained. en-us Fri, 16 Aug 2013 00:00:00 +0530 Thu, 22 Aug 2013 09:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236306 A lump-sum lease premium paid to acquire long-term leasehold rights in land for development of a special economic zone was held not to be "rent" under section 194-I of the Income-tax Act. The payment was treated as consideration for obtaining a substantive interest in the property, with rights to develop, construct, market, sub-lease, assign and exploit the land, rather than periodic consideration for mere use of land. Applying the distinction between premium and rent, the tribunal held that no tax deduction obligation arose and the corresponding demand under sections 201(1) and 201(1A) could not be sustained. Case-Laws Income Tax Fri, 16 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236306