Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
ITAT allowed the appeal of the anonymized assessee engaged in wholesale and retail trade, directing full grant of TDS credit as reflected in Form 26AS for both assessment years in dispute. It held that restriction of TDS credit by the AO and its affirmation by the CIT(A) on the basis of turnover discrepancies, without properly accounting for sales returns and the mechanism of TDS deduction under s.194O, was unsustainable. ITAT found that TDS had been correctly deducted by e-commerce operators on gross sales and that the assessee's turnover, after considering sales returns, reconciled with Form 26AS. Consequently, the order of the CIT(A) was set aside and the AO was mandated to allow complete TDS credit.
ITAT allowed the appeal of the anonymized assessee engaged in wholesale and retail trade, directing full grant of TDS credit as reflected in Form 26AS for both assessment years in dispute. It held that restriction of TDS credit by the AO and its affirmation by the CIT(A) on the basis of turnover discrepancies, without properly accounting for sales returns and the mechanism of TDS deduction under s.194O, was unsustainable. ITAT found that TDS had been correctly deducted by e-commerce operators on gross sales and that the assessee's turnover, after considering sales returns, reconciled with Form 26AS. Consequently, the order of the CIT(A) was set aside and the AO was mandated to allow complete TDS credit.
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