https://www.taxtmi.com/caselaws?id=299312 The court ruled in favor of the respondents, directing the deduction of income tax at a rate of 1% from the sale consideration for the transfer of immovable property exceeding Rs. 50 lakhs, as per Section 194IA of the Income Tax Act. The judgment clarified that land within a Municipality is not considered agricultural land, justifying the tax deduction in this case. The District Collector and Special Tahsildar were instructed to disburse the sale consideration after deducting the income tax, with the petitioner advised to address any tax liability separately. The court emphasized the distinction from previous cases, highlighting the applicability of tax deduction under Section 194IA in non-compulsory acquisition scenarios. en-us Fri, 23 Aug 2013 00:00:00 +0530 Thu, 09 Dec 2021 17:31:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299312 The court ruled in favor of the respondents, directing the deduction of income tax at a rate of 1% from the sale consideration for the transfer of immovable property exceeding Rs. 50 lakhs, as per Section 194IA of the Income Tax Act. The judgment clarified that land within a Municipality is not considered agricultural land, justifying the tax deduction in this case. The District Collector and Special Tahsildar were instructed to disburse the sale consideration after deducting the income tax, with the petitioner advised to address any tax liability separately. The court emphasized the distinction from previous cases, highlighting the applicability of tax deduction under Section 194IA in non-compulsory acquisition scenarios. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299312