https://www.taxtmi.com/caselaws?id=760598 The ITAT allowed the appeal, canceling the penalty of Rs. 15,150/- imposed under Section 234E of the Income Tax Act, 1961. The ITAT determined that the assessee was not liable to deduct TDS under Section 194IA, as the payment for the agricultural land was below Rs. 50 Lakhs. The penalty, initially imposed due to a delay in filing TDS Form 26QB, was deemed incorrect since the stamp duty valuation discrepancy was resolved, and the exemption under Section 194IA applied. The delay in filing the appeal was condoned, and the assessee's explanation was accepted. en-us Tue, 01 Oct 2024 00:00:00 +0530 Thu, 24 Oct 2024 08:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760598 The ITAT allowed the appeal, canceling the penalty of Rs. 15,150/- imposed under Section 234E of the Income Tax Act, 1961. The ITAT determined that the assessee was not liable to deduct TDS under Section 194IA, as the payment for the agricultural land was below Rs. 50 Lakhs. The penalty, initially imposed due to a delay in filing TDS Form 26QB, was deemed incorrect since the stamp duty valuation discrepancy was resolved, and the exemption under Section 194IA applied. The delay in filing the appeal was condoned, and the assessee's explanation was accepted. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760598