ITAT notice that the assessee is an individual and as per facts of the case narrated and not disputed by the revenue authority, found that the assessee alongwith 3 other persons purchased an immovable property for a consideration of Rs.1.20 crores on 03-09-2014. The assessee paid 1/4th share of sale consideration i.e. Rs. 31.50 lacs. The AO treated the assessee in default applying the provisions of section 194IA of the Act by considering the purchase cost of Rs.1.26 crores. It was noticed that the provisions of Section 194IA of the Act are applicable where consideration for transfer of an immovable property is more than Rs.50 lacs. Since in the instant case, the consideration paid by the assessee is Rs.31.50 lacs, therefore, the provisions of Section 194IA of the Act cannot be invoked. Thus, failing to find any merit in the findings of the ld CIT(A) and the same is set aside and the demand raised by the AO u/s 201(1) for non-deduction of Tax Rs.31,500/- and interest levied u/s 201(1A) at Rs.16,380/- is deleted.