Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
The ITAT allowed the appeal and directed the AO to grant credit for TDS deducted though reported under the PAN of an erstwhile partnership, finding the income was offered and assessed in the hands of the assessee company, the partnership has not claimed the credit, and the Revenue has received the tax. Relying on Section 199 read with Rule 37BA, the Tribunal held that denial of credit due to deductor's reporting error would occasion impermissible double taxation and frustrate the statutory purpose of TDS. Grant of credit is subject to verification that the partnership has not claimed the said TDS in its return.
The ITAT allowed the appeal and directed the AO to grant credit for TDS deducted though reported under the PAN of an erstwhile partnership, finding the income was offered and assessed in the hands of the assessee company, the partnership has not claimed the credit, and the Revenue has received the tax. Relying on Section 199 read with Rule 37BA, the Tribunal held that denial of credit due to deductor's reporting error would occasion impermissible double taxation and frustrate the statutory purpose of TDS. Grant of credit is subject to verification that the partnership has not claimed the said TDS in its return.
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