16 July 2016
thank you but why is it not specifically stated so in the question given in practice manual when other related sections like 271c and 276b are specified.
17 July 2016
194BB is silent on TDS from prize in kind.
But there is a passing reference in section 194B when prize is partly in cash and partly in kind.
But if paid WHOLLY IN KIND u/s. 194B, 201(1A) cannot be levied. Inference is Karantaka High court decision in Hindustan Lever Ltd which can be read in https://indiankanoon.org/doc/188191320/
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