Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapp...
ITAT allowed the assessee's appeal and directed the revenue to grant full credit for TDS withheld on part payment, holding that the entire sale consideration was declared and taxed in AY 2019-20 and income cannot be taxed twice. On verification of Form 26AS for AY 2019-20 and AY 2023-24 the sale consideration matched the assessee's declaration; hence TDS deducted on subsequent part settlement must be credited. The Tribunal set aside CIT(A)'s rejection of the assessee's claim as erroneous, restored the assessee's TDS claim (including the TDS reflected for AY 2023-24) and remitted to the assessing authority/CPC to give appropriate credit under the Act.
ITAT allowed the assessee's appeal and directed the revenue to grant full credit for TDS withheld on part payment, holding that the entire sale consideration was declared and taxed in AY 2019-20 and income cannot be taxed twice. On verification of Form 26AS for AY 2019-20 and AY 2023-24 the sale consideration matched the assessee's declaration; hence TDS deducted on subsequent part settlement must be credited. The Tribunal set aside CIT(A)'s rejection of the assessee's claim as erroneous, restored the assessee's TDS claim (including the TDS reflected for AY 2023-24) and remitted to the assessing authority/CPC to give appropriate credit under the Act.
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