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TMI Blog2018 (6) TMI 1853X X X X Extracts X X X X X X X X Extracts X X X X ..... ouse at C-127, Rishabh Path, Bhagirath Marg, Shyam Nagar, Jaipur which was jointly owned by Smt. Rashi Harneja and Smt. Ravindra Harneja for a sum of Rs. 75,00,000/-. Thereafter, in respect of payment of Rs. 37,50,000/- to Smt. Rashi Harneja, the assessee deposited a sum of Rs. 37,500/- towards TDS vide challan-cum-Form 26QB on 25.09.2013. Similarly, in respect of payment of Rs. 37,50,000/- to Smt. Ravindra Harneja, the assessee deposited a sum of Rs. 37,500/- vide challan-cum-Form 27Q on 25.09.2013. Thereafter, intimation u/s 200A was received by the assessee on 30.03.2015 about levy of interest of Rs. 2,250/- and late fees u/s 234E which was rectified to Rs. 15,800/-in respect of each of two filings. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taka High Court in case of Fatheraj Singhvi & others vs. Union of India in writ appeal no. 2663-2674/2015 (T-IT) dated 26th August, 2016. 6. Per contra, the ld. DR has relied on the order of the ld. CIT (A) and submitted that the transfer value of the immovable property is Rs. 75,000,00/- which is more than prescribed limit, hence section 194IA is clearly applicable. Further, she relied on the Hon'ble Rajasthan High Court decision in case of M/s Dundlod Shikshan Sansthan and others vide order dated 28.07.2015 where it was held that even prior to these amendments the imposition of fees u/s 234E was not illegal. 7. We have heard the rival contentions and perused the material available on record. It is an undisputed fact that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (14) of section 2; (b) "immovable property" means any land (other than agricultural land) or any building or part of a building." 9. A close reading of the above provisions provides that any person, being a transferee, responsible for paying to a resident transferor any sum by way of consideration for transfer of any immovable property shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon. It however, provides an exception that no deduction under sub-section (1) shall be made where the consideration for the transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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