TDS on Property Purchase Cannot Be Avoided Due to Unpaid Consideration: ITAT Bangalore

Artha Real Estate Corporation Ltd. Vs DCIT (ITAT Bangalore) In Artha Real Estate Corporation Ltd. Vs DCIT, the ITAT Bangalore examined whether the assessee could be treated as an assessee in default under Section 201 of the Income Tax Act for non-deduction of tax at source (TDS) on purchase of immovable property and certain other expenses reported in Form 3CD. The assessee, engaged in the business of real estate, had filed its tax audit report in Form 3CA. Based on disclosures in the tax audit report, the Assessing Officer (AO) initiated proceedings under Section 201 after noticing non-deducti...