Customs valuation and import permissibility conflict resolved: accepted enhancement of transaction value removes liability for confiscation and penalt...
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TDS credit must be allowed in the assessment year in which the related income is assessable, even if the deductor deposited tax and reflected it in Form 26AS in a later year. Following its earlier ruling, ITAT held that the assessee could not be denied credit for AY 2020-21 merely because of a timing mismatch in the deductor's reporting. The Assessing Officer was directed to grant the credit for that year, subject to verification that the same TDS credit is not claimed again in AY 2021-22.
TDS credit must be allowed in the assessment year in which the related income is assessable, even if the deductor deposited tax and reflected it in Form 26AS in a later year. Following its earlier ruling, ITAT held that the assessee could not be denied credit for AY 2020-21 merely because of a timing mismatch in the deductor's reporting. The Assessing Officer was directed to grant the credit for that year, subject to verification that the same TDS credit is not claimed again in AY 2021-22.
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