No exemption from TDS u/s 194IA on Factory Land, Income Tax demand u/s 201 and 201(1A) was upheld

Kushalava Spinners & Ginners Private Limited Vs ITO (ITAT Visakhapatnam) Conclusion: Demand raised under Section 201(1) and 201(1A) for failing to deduct 1% TDS (Tax Deducted at Source) was justified as purchase of factory land was not agricultural land for s.194-IA purposes and moreover, in absence of evidence, assessee’s claim that part of consideration was for machinery could not absolve TDS liability. Held: Assessee had purchased property measuring 56,005.5 square yards at Marripalem Village, Guntur District for a consideration of ₹9.90 crore from three vendors. AO noted that c...