Case Law Details
Reetu Devi Nanecha Vs ITO TDS (ITAT Jodhpur)
ITAT notice that the assessee is an individual and as per facts of the case narrated before us and not disputed by the revenue authority, find that the assessee alongwith 3 other persons purchased an immovable property for a consideration of Rs.1.20 crores on 03-09-2014. The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs. The AO treated the assessee in default applying the provisions of section 1941A of the Act by considering the purchase cost of Rs.1.26 crores. We notice that the provisions of Section 1941A of the Act are applicable where consideration for transfer of an immovable property is more than Rs.50 lacs. Since in the instant case, the consideration paid by the assessee is Rs.31.50 lacs, therefore, the provisions of Section 1941A of the Act cannot be invoked. Thus, we fail to find any merit in the findings of the ld CIT(A) and the same is set aside and the demand raised by the AO u/s 201(1) for non-deduction of Tax Rs.31,500/- and interest levied u/s 201(1A) at Rs.16,380/- is deleted.
FULL TEXT OF THE ORDER OF ITAT JAIPUR
This is an appeal filed by the assessee against the order of the ld. CIT(A), National Faceless Appeal Centre, Delhi (for short ‘’NFAC”), Delhi dated 20-10-2021 for the assessment year 2015-16 raising therein following grounds of appeal.
‘’1. “The impguend Demands of Rs.31,500 u/s 201(1) and Rs.16,380 u/s 201(1A) are bad in law and on facts of the case, for want of jurisdiction and hence the same kindly be deleted.
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