High Court: Section 194LA of Income Tax Act doesn't apply to Development Right's Certificates; assessee not in default u/s 201(1).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TDS u/s 194LA - tds on market value of Development Right’s Certificate (DRC) - the Hon’ble High Court held that the provisions of section 194LA of the Act are not attracted to a case of issue of DRCs by the BBMP for acquisition of land and therefore the assessee cannot be considered as an assessee in default under section 201(1) of the Act. - the provisions of section 194CA of the Act are not applicable / attracted in the facts and circumstances of the case - AT....