Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
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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