Assessee sold a piece of Land for Rs. 5500000/- to ‘X’ & document is registered & executed with sub registar in the month of February 2018. X deducted tax @ 1% i.e. 55000/- & deposited to Government Treasury. The ‘X’ (purchaser) fails to pay the Purchase Consideration & according to mutual consent Seller applied to Court for Cancellation of deed in September 2018. The matter is still under Sub judice . Kindly let us know:- (a) What is the tax treatment in the hands of Buyer & Seller. (b) Who will claim refund of TDS?
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