Tax credit adjustment: amended rules permit reassessment to allow TDS credit when tax is deducted in a later financial year. Amendments require reassessment on application to allow deductions or TDS credit previously disallowed: recompute income for co operative sugar manufacturers to permit sugarcane purchase deduction up to the government fixed price and apply section 154 time limits from a modern reference year; permit amendment of assessment to allow credit where tax was deducted in a later year, with application within two years of the end of the year of deduction and section 154 applying, and bar allowance of that credit in any other assessment year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax credit adjustment: amended rules permit reassessment to allow TDS credit when tax is deducted in a later financial year.
Amendments require reassessment on application to allow deductions or TDS credit previously disallowed: recompute income for co operative sugar manufacturers to permit sugarcane purchase deduction up to the government fixed price and apply section 154 time limits from a modern reference year; permit amendment of assessment to allow credit where tax was deducted in a later year, with application within two years of the end of the year of deduction and section 154 applying, and bar allowance of that credit in any other assessment year.
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