https://www.taxtmi.com/caselaws?id=365902 After the amendment to Section 10(20) of the Income-tax Act, industrial development authorities constituted under the State development statute are not local authorities for income-tax exemption purposes. Interest income payable to Noida and Greater Noida remained exempt from tax deduction at source under Section 194A(3)(iii)(f) on the basis of the relevant notification. Annual lease rent paid for use of land under long-term lease deeds was treated as "rent" within Section 194-I and was therefore subject to tax deduction at source, as it retained the character of lease rental rather than a capital payment for acquisition of leasehold rights. en-us Mon, 02 Jul 2018 00:00:00 +0530 Fri, 24 Aug 2018 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365902 After the amendment to Section 10(20) of the Income-tax Act, industrial development authorities constituted under the State development statute are not local authorities for income-tax exemption purposes. Interest income payable to Noida and Greater Noida remained exempt from tax deduction at source under Section 194A(3)(iii)(f) on the basis of the relevant notification. Annual lease rent paid for use of land under long-term lease deeds was treated as "rent" within Section 194-I and was therefore subject to tax deduction at source, as it retained the character of lease rental rather than a capital payment for acquisition of leasehold rights. Case-Laws Income Tax Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365902