2024 (10) TMI 1197

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....t : Shri N. J. Vyas, Sr. DR ORDER PER SHRI NARENDRA PRASAD SINHA, AM: This appeal is filed by the assessee against the order of the National Faceless Appeal Centre (NFAC), Delhi, (in short 'the CIT(A)'), dated 28.12.2023 for the Assessment Year 2022-23. 2. There was delay of 3 days in filing of this appeal. The assessee has filed an affidavit explaining that in the original Form No.36 ....

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.... for late fling of TDS form No. 26QB without fact of the case since we had purchased the Agriculture Land which is outside the purview of provision of section 1941A of the Income tax Act. 1961 As per provision of the Income tax Act, 1961 there was no our statutory liability to deduct TDS on Rs. 28.09 Lacs since we had payment made to three sellers below Rs. 50.00 Lacs. 2. The Learned NATI....

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....ing of TDS return in Form No.26QB, for which the penalty of Rs. 15,150/- was imposed by the CPC-TDS while processing the TDS return. The Ld. AR explained that the consideration paid by the assessee was below Rs. 50 Lakhs and, therefore, he was not liable to deduct any TDS. In spite of this fact, the assessee had deducted the TDS and also deposited the same to the Government account within time. Th....

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....41,46,475/-, which was more than 50 Lakhs and, therefore, the assessee could not have claimed exemption u/s.194IA(2) of the Act. This observation of the Ld. CIT(A) is not found to be correct. The deduction of TDS u/s.194IA of the Act at the relevant point of time, when the transaction was made by the assessee, was required to be made on the amount of payment as made by the assessee. The provision ....