https://www.taxtmi.com/caselaws?id=762533 ITAT Raipur held that where a property seller provided PAN before transaction completion, TDS should be deducted at 1% under Section 194IA rather than 20% under Section 206AA. The tribunal found that since the seller furnished PAN before the property purchase transaction was completed, the higher TDS rate was not applicable despite initial PAN non-availability. The demand under Section 201(1) was vacated as proper TDS was deducted and deposited. The matter was remanded to AO for recomputation of interest under Section 201(1A) and fee under Section 234E. Appeal was partly allowed. en-us Fri, 29 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 22:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762533 ITAT Raipur held that where a property seller provided PAN before transaction completion, TDS should be deducted at 1% under Section 194IA rather than 20% under Section 206AA. The tribunal found that since the seller furnished PAN before the property purchase transaction was completed, the higher TDS rate was not applicable despite initial PAN non-availability. The demand under Section 201(1) was vacated as proper TDS was deducted and deposited. The matter was remanded to AO for recomputation of interest under Section 201(1A) and fee under Section 234E. Appeal was partly allowed. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762533