ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT allowed the appeal and directed the AO to give credit for tax deducted at source despite its deposit in the subsequent assessment year. The Tribunal held that the assessee properly declared the full value of consideration and long-term capital gain in AY 2022-23; the purchaser remitted the TDS in AY 2023-24 but the assessee filed Form 71 within the statutory period via the ITBA portal. Applying the matching principle, the AO must assess the income in AY 2022-23 as declared by the assessee and grant TDS credit in AY 2023-24 based on the uploaded Form 71. The denial of credit by lower authorities was set aside.
ITAT allowed the appeal and directed the AO to give credit for tax deducted at source despite its deposit in the subsequent assessment year. The Tribunal held that the assessee properly declared the full value of consideration and long-term capital gain in AY 2022-23; the purchaser remitted the TDS in AY 2023-24 but the assessee filed Form 71 within the statutory period via the ITBA portal. Applying the matching principle, the AO must assess the income in AY 2022-23 as declared by the assessee and grant TDS credit in AY 2023-24 based on the uploaded Form 71. The denial of credit by lower authorities was set aside.
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