Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Credit of TDS under s. 199 was denied on the ground that the corresponding income was offered to tax by a related entity rather than by the assessee in the year of claim. It was held that where TDS has been deducted and deposited, and the credit appears in the assessee's Form 26AS, the assessee is entitled to such credit, consistent with settled precedent; however, safeguards are required to prevent double credit. The Assessing Officer was directed to grant the TDS credit after verifying that the related entity has not claimed the same TDS credit in its own assessment. Appeal allowed. - ITAT
Credit of TDS under s. 199 was denied on the ground that the corresponding income was offered to tax by a related entity rather than by the assessee in the year of claim. It was held that where TDS has been deducted and deposited, and the credit appears in the assessee's Form 26AS, the assessee is entitled to such credit, consistent with settled precedent; however, safeguards are required to prevent double credit. The Assessing Officer was directed to grant the TDS credit after verifying that the related entity has not claimed the same TDS credit in its own assessment. Appeal allowed. - ITAT
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