9911796707
TMI Blog2018 (6) TMI 1853X X X X Extracts X X X X X X X X Extracts X X X X ..... - It is an undisputed fact that the assessee has acquired an immoveable property which was jointly owned. It is also an undisputed fact that though the total consideration was agreed at Rs 75,00,000, the assessee has paid Rs 37,50,000/- each to the two individual and joint owners of the said immoveable property. Section 194-IA provides that any person responsible for paying to a resident transferor any sum by way of consideration for transfer of any immovable property exceeding Rs 50 lacs, shall be liable for deduction of tax at source at the rate of one percent of such sum. In the instant case, even though the total consideration for the immovable property has been agreed at Rs 75,00,000, the assessee is responsible for paying consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi 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 said levy of interest and late payment fee u/s 234E has since been confirmed by the ld. CIT (A) and hence the assessee is in appeal be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as 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 assessee has acquired an immoveable property which was jointly owned by Smt. Rashi Harneja and Smt. Ravindra Harneja. It is also an undisputed fact that though the total consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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 of an immovable property is less than fifty lakh rupees. In other words, it provides that any person responsible for paying to a resident transferor any sum by way of consideration for transfer of any ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
