Assessee, engaged in business of development and construction of real estate projects, entered into a development agreement with Shri Premal Dayal Doshi  who was the alleged owner of the land on which the building was constructed. As per the agreement, Shri Premal Dayal Doshi allowed the assessee to develop/ construct new buildings and to sell out saleable area to prospective buyers and Shri Premal Dayal Doshi was entitled to a share of the area out of total constructed area in the new building. Shri Premal Dayal Doshi was also entitled to receive a certain sum of cash/ monetary consideration as per the agreement. Assessing Officer held that the assessee should have deducted TDS under section 194-IC at 10 per cent since payment was made as per ‘Specified Agreement’.  However, the assessee contended that Shri Premal Dayal Doshi was holding only a leasehold right which did not fall within the definition of specified agreement under section 45(5A) and therefore TDS was deducted under section 194-IA at a rate of 1 per cent. CIT(A) affirmed the order of the Assessing Officer. On appeal, the Tribunal held that if a narrower interpretation as contended by assessee was to be accepted, then it would lead to an anomaly that a transfer by a leasehold right owner under JDA would go out of the tax net as the transferor was not the owner as mentioned in the definition of specified agreement.  Since the payee held the right to give land for development and receive consideration, payments fell within a “specified agreement” under section 45(5A), attracting section 194IC; therefore, assessee was liable to deduct TDS at 10 per cent under section 194IC and having failed to do so, the assessee was treated as an assessee in default. Tribunal also held that  the  assessee made short deduction of TDS on payments under a JDA but claimed that payee had declared such receipts in tax returns but failed to submit Form 26A, matter was to be remitted to Assessing Officer to verify if payee offered income to tax, and if so, assessee should not be treated as assessee in default.(AY. 2020-21, 2021-22,  2023-24)