Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
The dominant issue was whether TDS credit could be restricted while processing the return under section 143(1) despite the TDS appearing in Form 26AS. The appellate authority held that credit under section 199 read with Rule 37BA must be granted in accordance with verified TDS and its linkage to income corresponding to the gross receipts, and therefore directed the AO to verify these conditions and allow full TDS credit as reflected in Form 26AS upon such verification. Consequently, the Revenue's challenge was rejected and the appeal was dismissed. - ITAT
The dominant issue was whether TDS credit could be restricted while processing the return under section 143(1) despite the TDS appearing in Form 26AS. The appellate authority held that credit under section 199 read with Rule 37BA must be granted in accordance with verified TDS and its linkage to income corresponding to the gross receipts, and therefore directed the AO to verify these conditions and allow full TDS credit as reflected in Form 26AS upon such verification. Consequently, the Revenue's challenge was rejected and the appeal was dismissed. - ITAT
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