Petition dismissed; petitioner allowed to submit detailed disclosures and documents for re-consideration; notices for 2019-23 may be adjudicated on me...
Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
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The ITAT held that, pursuant to s.199(3) read with r.37BA, TDS credit must be granted to the person on whose payment the tax was deducted where the deduction is reflected in Form 26AS; consequently the appellant, being the agent who had payments reflected in Form 26AS, is entitled to credit of the full TDS so reflected. The tribunal further held that the r.37BA(2) declaration mechanism is directory not mandatory, and commercial exigencies justified non-issuance of declarations to the foreign principal. In absence of any Revenue contention on understatement of income or audit qualification, the balance TDS credit claimed by the appellant was allowed.
The ITAT held that, pursuant to s.199(3) read with r.37BA, TDS credit must be granted to the person on whose payment the tax was deducted where the deduction is reflected in Form 26AS; consequently the appellant, being the agent who had payments reflected in Form 26AS, is entitled to credit of the full TDS so reflected. The tribunal further held that the r.37BA(2) declaration mechanism is directory not mandatory, and commercial exigencies justified non-issuance of declarations to the foreign principal. In absence of any Revenue contention on understatement of income or audit qualification, the balance TDS credit claimed by the appellant was allowed.
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