ITAT Upholds Penalty for Late TDS Deposit on Property Purchase; Section 194IA(2) Exemption Claim Rejected.

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....The assessee paid consideration over Rs. 50 lakh for purchase of property whose stamp duty valuation exceeded Rs. 50 lakh. Though TDS was deducted voluntarily, it was deposited belatedly along with Form 26QB. CIT(A) rejected assessee's claim of agricultural land exemption u/s 194IA(2). ITAT upheld levy of penalty u/s 234E for late filing of TDS return, as delayed deposit denied TDS credit to deductee, despite voluntary deduction. Assessee's appeal was dismissed.....