https://www.taxtmi.com/caselaws?id=341737 The ITAT Mumbai ruled in favor of A Surti Developers P. Ltd. (ASDL), stating that the lease premium payment of Rs. 60,55,050 made for a long term lease did not qualify as 'rent' under section 194I of the Income Tax Act. The decision was based on precedents such as Wadhwa & Associates Realtors Private Limited, Navi Mumbai (SEZ) Private Ltd., and Dhirendra Ramji Vora, establishing that lease premium payments are not subject to tax deduction under section 194I. Therefore, ASDL was not liable to deduct tax at source on the lease premium payment. en-us Wed, 15 Mar 2017 00:00:00 +0530 Sat, 15 Apr 2017 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341737 The ITAT Mumbai ruled in favor of A Surti Developers P. Ltd. (ASDL), stating that the lease premium payment of Rs. 60,55,050 made for a long term lease did not qualify as 'rent' under section 194I of the Income Tax Act. The decision was based on precedents such as Wadhwa & Associates Realtors Private Limited, Navi Mumbai (SEZ) Private Ltd., and Dhirendra Ramji Vora, establishing that lease premium payments are not subject to tax deduction under section 194I. Therefore, ASDL was not liable to deduct tax at source on the lease premium payment. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341737