SC rejects plea claiming buyers unaware of TDS rule in property deals ...Middle East

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SC rejects plea claiming buyers unaware of TDS rule in property deals
source : Business Standard ( Middle East ) () 14
The Supreme Court on Wednesday dismissed a petition that had alleged the absence of a mechanism to make people aware of their obligation about the tax deducted at source (TDS) while purchasing property valued at more than Rs 50 lakh. A bench of Justices Vikram Nath and Sandeep Mehta refused to entertain the plea that had claimed that honest purchasers acting in good faith were later exposed to penalty and interest, despite having no intention to default. "Dismissed," the bench ordered. The petitioner, who appeared in the court in person, told the bench that the plea relates to the issue concerning the enforcement of a provision of the Income Tax Act in property transactions exceeding Rs 50 lakh. "Under the present framework, the entire TDS obligation or liability is placed solely on the buyer on the implicit assumption that every property purchaser, regardless of the background and expertise, possesses a working knowledge of the income-tax law," the petitioner said. He claimed tha

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