Regulator amends Master Direction allowing AD Category-III standalone primary dealers to trade non-deliverable rupee derivatives with residents and ba...
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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