The Income Tax Appellate Tribunal held that the assessee had ...

Tribunal Rules 1% TDS Compliant on Property Purchase; Higher 20% Rate Not Applicable Due to Seller's PAN Provision.

December 3, 2024

Case Laws Income Tax AT

The Income Tax Appellate Tribunal held that the assessee had complied with the provisions of Section 194IA by deducting and depositing the requisite TDS at 1% on the purchase of property, as the recipient (seller) had furnished their PAN before completion of the transaction. The Tribunal opined that the higher TDS rate of 20% u/s 206AA for non-availability or non-quoting of PAN was not applicable in this case, as the legislative intent behind such provisions was to overcome issues in processing returns and granting TDS credit, which were not obstructed here. Consequently, the demand raised u/s 201(1) was vacated, and the issue of interest u/s 201(1A) and fee u/s 234E was restored to the Assessing Officer for recomputation in light of the Tribunal's observations.

View Source

← Previous Next →

The Income Tax Appellate Tribunal held that the assessee had ...

Tribunal Rules 1% TDS Compliant on Property Purchase; Higher 20% Rate Not Applicable Due to Seller's PAN Provision.

December 3, 2024

Case Laws Income Tax AT

You may also like:

TDS returns - Due dates - Rule 31A prescribing due dates for furnishing TDS statements amended

The case involved a dispute over the tax rate applicable on Long Term Capital Gains (LTCG) from the sale of unlisted shares u/s 112(1)(c) of the Act. The Appellate...

Valuation of property - Herald House, Bahadurshah Zafar Marg, New Delhi - FMV determination - We hold that firstly, the circle rate which has been proposed by the...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

TDS u/s 194H - Higher rate of TDS @20% in absence of PAN - Commission paid to Primary Agriculture Cooperative Society (PACS) - The Tribunal examined the nature of...

Income Tax: Section 194-O of the Income Tax Act provides for deduction of tax at source (TDS) at the rate of 1% on the gross amount of sales or services facilitated by...

Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

The CBIC has clarified the following key points regarding taxability and valuation of supply of services of providing corporate guarantee between related persons:...

The ITAT Mumbai addressed two key issues in the case. Firstly, regarding the penalty u/s 271(1)(c), the tribunal held that the absence of a tick mark on the notice did...

Scope of adjournment of matter beyond three times - Rule 20 of CESTAT Procedure Rules, 1982 - The Tribunal dismisses the appeal due to the appellant's non-prosecution,...

The High Court quashed the impugned orders, holding that Section 206AA, mandating 20% TDS rate for invalid PAN, was not applicable. The vendor had linked his PAN with...

The ITAT Ahmedabad ruled on two key issues: 1) Determination of Selling Price of Shares for LTCG Calculation - Held that the AR's contention regarding higher...

Penalty proceedings u/s 270A - Applicable rate of penalty - The Appellate Tribunal noted that while the penalty notice cited under-reporting of income, the AO imposed...

Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

Rate of withholding tax u/s 195 - non-resident not having PAN - the payment is well covered u/s 115A(1)(b) - special rate of TDS i.e. 11.33% was applicable - TDS @20% is...

Quick Updates: