TaxTMI 
TaxTMI 
2024 (5) TMI 163
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.... of Order dated 2 April 2024. 3. He submits that line No. 11 the words "with the interest" should be deleted as according to him, the amount which has been withdrawn from the Court of the Small Causes, would be paid by his client towards compensation/license fee of the premises in which his client is residing. Therefore, according to him, if at all the Court comes to a conclusion that the amounts are to be returned by his client, the said amounts cannot be with the clause "Interest". 4. In paragraph No. 10 (viii) of the order dated 2 April 2024 I have very specifically mentioned that the "interest, if any, as directed by the Court of the Small Causes". Hence, the submissions of Mr. Pardiwala made before this Court today, can be advanc....
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....ome to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of- [(a) two per cent. for the use of any machinery or plant or equipment; and (b) ten per cent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings:] Provided that no deduction shall be made under this section where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of,....
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....account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.]" [Emphasis Supplied] 8.1. The relevant factor which has to be borne in mind is that section 194(I) of the Income Tax Act refers to Rent, and in explanation to the section, the term "Rent" is clarified. 9. It will also be necessary to consider the two authorities referred by Mr. Pardiwala of Income Tax Appellate Tribunal viz . (i) Smt. Delilah Raj Mansukhani in ITA No. 3526/MUM/2017 (Assessment Year : 2010-2011), and (ii) Ajay Parasmal Kothari in ITA No. 2823/MUM/(A.Y :....
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....evelopers for acquiring additional area of 138 Sq Ft. It was also noted that the assessee shifted to his own house when the building went for re-development. Now the question before is whether the compensation upon re-development of property towards hardship, rehabilitation and shifting received by the assessee is taxable if the potential TDR/FSI is available to the land owner or society which owns the (and depending upon the terms of the development agreement without transferring the land. In the present case the assessee who was flat owner in the building was member of the society, As per the agreement each member of the society including the assessee was to be given a flat in lieu of the old one and the each member including the assessee....