TDS deposited late for property purchase over Rs. 50L despite voluntary deduction, penalty upheld.

The assessee purchased property valued over Rs. 50 lakh and deducted TDS voluntarily but deposited it late with Form 26QB. The CIT(A) rejected the claim for agricultural land exemption under Section 194IA(2). The ITAT upheld a penalty under Section 234E for the late filing of the TDS return, as the delayed deposit denied TDS credit to the deductee. The assessee's appeal against the penalty was dismissed. .....

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