Allow deduction under s.36(1)(vii) for accounting write-offs; delete s.36(1)(iii) disallowances on business interest including advances to related ent...
Assessee entitled to depreciation on slump-sale goodwill; s.43(1)/43(6 explanations inapplicable; goodwill and non-compete amortisation treated as non...
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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