2023 (4) TMI 1045

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..... or 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 .....

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..... The appellant prays your honour indulgences to add, amend or alter of or any of the grounds of the appeal on or before the date of hearing. 2.1 At the outset of the hearing, the ld. Counsel for the assessee submitted that there was a transaction of purchase of immovable property on 3-09-2014 for a consideration of 1.20 crores and the same was carried out by four persons. In the 1/4th share of .....

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..... ble property for a consideration of Rs.1.20 crores on 03-09-2014. The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs. The AO treated the assessee in default applying the provisions of section 194IA of the Act by considering the purchase cost of Rs.1.26 crores. We notice that the provisions of Section 194IA of the Act are applicable where consideration for transfer of an immova .....

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