Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 1044 - ITAT AHMEDABADDemand u/s 201(1A) - non deduction TDS u/s 194IA - purchase consideration qua assessee is less than or more than Rs. 50 Lakhs - Co-ownership in property - HELD THAT:- Assessee as well as the seller of the property were under bonafide and genuine impression that if individual sale price by seller is below Rs. 50,00,000/- in that case no TDS at 1% is deductible under Section 194IA of the Act. As per the sale deed the details of the sellers / transferors of the said property and in fact the sellers individuals share in the said joint property was below Rs. 50,00,000/-, therefore, both seller and purchaser was under bonafide impression that threshold limit for TDS is Rs. 50,00,000/- and no TDS is required to be deducted. The observation of the CIT(A) that the assessee has not filed Form No. 26A alongwith certificate of the Chartered Accountant appears to be correct and thus, the assessee has not fulfilled the condition of Section 201 - In respect of interest liability under Section 201(1A) the said interest was rightly calculated by the Assessing Officer and there is not need to interfere with the same. A.R. submitted that in case of wife of the assessee the CIT(A) has calculated the interest charged under Section 201(1A) at Rs. 7,843/- on the identical facts and therefore, in the present case also the Revenue is directed to calculate the same. Thus, Ground Nos. 1 & 2 are partly allowed for statistical purpose
|