Court Upholds TDS on Cash Withdrawals Over Rs. 1 Crore Post-Sept 1, 2019, u/s 194N of Income Tax Act.

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....TDS u/s 194N - Consequences of failure to deduct or pay u/s 201 - cash withdrawal exceeding Rupees One Crore in an year from the bank account - Not agree with the stand of the writ petitioners' counsel that the volume of transaction that had taken place prior to 01.09.2019 should be ignored - as brought to notice computation of tax has been made only with effect from 01.09.2019 and there has been no levy on the transaction before the cut off date. - HC....