Friday, 2 January 2015

No sec. 194LA TDS when compulsory acquisition was made in lieu of development rights and not in mone

IT : Where land owners surrendered their land to assessee municipal corporation, for public purpose under scheme of development right certificates, permitting development rights to owners in form of additional floor area which was equal to one and half times of area of land surrendered, and there was no quantification of said certificates, therefore, section 194LA would not be applicable


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