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TMI Blog2013 (5) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of amendment in 2004 of Income Tax - Held that:- Question as to whether Noida Authority is exempted from payment of Income Tax or not is subjudice. Therefore, petitioner shall deposit the demand of amount of Rs.16,83348/- with the respondents within three weeks from today. Such deposit shall be kept in an interest bearing account. The petitioner shall continue to deduct income tax at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for respondent no.5 - Income Tax Department. The petitioner is a company engaged in manufacture of IC Engine based on power products. It had entered into a lease agreement with the respondent no.1 in September 1998 for a period of 90 years in respect of Plot No. 5, Sector 41 (Kasna) Greater Noida Industrial Development Area, Dstrict Gautam Budh Nagar on an annual lease rent of Rs. 7,59,353. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very ten years from the date of lease. Sri Singh learned counsel appearing for the petitioner submits that the petitioner is duty bound to deduct the Income Tax at source on the lease rental payable to the Noida Authority and accordingly is deducting tax at source from the date the amendment came into force and depositing the tax deducted at source with the Income Tax Department. Accordingly Noi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it an amount equal to tax deducted at source with the respondent. But the prayer is to keep the said amount in an interest bearing account so that Noida Authority may pay back such amount in case it is to be refunded. After hearing Sri Nisheeth Yadav, learned appearing for respondents no. 1 to 4, we are of the view that the suggestion given by learned counsel appearing for the petitioner does no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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