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2023 (4) TMI 1045 - ITAT JODHPURTDS u/s 194IA - default u/s 201(1) and 201(1A) - assessee alongwith 3 other persons purchased an immovable property for a consideration - HELD THAT:- The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs. We notice that the provisions of Section 194IA are applicable where consideration for transfer of an immovable property is more than Rs.50 lacs. Since in the instant case, the consideration paid by the assessee is Rs.31.50 lacs, therefore, the provisions of Section 194IA of the Act cannot be invoked. Thus, we fail to find any merit in the findings of the ld CIT(A) and the same is set aside and the demand raised by the AO u/s 201(1) for non-deduction of Tax and interest levied u/s 201(1A) is deleted. The effective issued in Ground No 1 as raised by the assessee is allowed.
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