Rule 37BA TDS Restrictions Inapplicable to Exempt Agricultural Land Sale Proceeds

K. Venkatesan (HUF) Vs ACIT (ITAT Chennai) Income Tax Appellate Tribunal (ITAT), Chennai Bench, has issued a ruling in the case of K. Venkatesan (HUF) versus the Assistant Commissioner of Income Tax (ACIT), National Faceless Appeal Centre (NFAC), Delhi, concerning Assessment Year 2023-24. The Tribunal allowed the assessee’s appeal, mandating the tax authorities to grant full credit for Tax Deducted at Source (TDS) amounting to Rs. 11,70,000. This amount included Rs. 10,50,000 deducted on the sale of agricultural land, which the assessee contended was exempt from taxation. The decision ef...