9911796707
TMI Blog2024 (10) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... ade on the amount of payment as made by the assessee. The provision for TDS u/s.194IA of the Act on the stamp duty value of the property was introduced w.e.f. 01.04.2022 i.e. after transaction was already completed by the assessee. It is found that the assessee was not liable to deduct any TDS u/s.194IA of the Act. And when the assessee was not liable to deduct the TDS under the provision of the Act, no penalty u/s.271E of the Act can be imposed for late filing of TDS return. Therefore, the penalty of as imposed u/s.234E of the Act is cancelled. Appeal of the assessee is allowed. - Ms. Suchitra Kamble, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member For the Appellant : Shri Manish Bhagat, A.R. For the Respondent : Shri N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sellers below Rs. 50.00 Lacs. 2. The Learned NATIONAL FACELESS APPEAL CENTRE (NFAC) DELHI has erred in not considering the fact that Land Purchase documents in which clearly mentioned that the subject Land is Agriculture land and abstract of form 7 and 8A for proof of agriculture land also attached with the Land purchase documents. 3. However we had deducted TDS voluntarily and property was agriculture land and therefore penalty u/s 234E required to be deleted. 5. Shri Manish Bhagat, Ld. AR appearing for the assessee explained that the assessee had purchased an agricultural land with other co-owners and paid an amount of Rs. 28,09,293/- towards acquisition of this property. The assessee had also deducted TDS of Rs. 28,094/- u/s. 194IA of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 94IA of the Act at the relevant point of time, when the transaction was made by the assessee, was required to be made on the amount of payment as made by the assessee. The provision for TDS u/s.194IA of the Act on the stamp duty value of the property was introduced w.e.f. 01.04.2022 i.e. after transaction was already completed by the assessee. Under the circumstances, it is found that the assessee was not liable to deduct any TDS u/s.194IA of the Act. And when the assessee was not liable to deduct the TDS under the provision of the Act, no penalty u/s.271E of the Act can be imposed for late filing of TDS return. Therefore, the penalty of Rs. 15,150/- as imposed u/s.234E of the Act is cancelled. 8. In the result, the appeal of the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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