Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
TDS credit is available only to the person in whose hands the related income is assessable. The assessee, an APMC commission agent, admitted that the purchases and sales on which tax was deducted were those of agriculturists or farmers, not his own sales income. On that factual basis, the ITAT held that TDS reflected in the assessee's PAN was a wrong deduction entry and could not be claimed by him without corresponding income being offered to tax. The proper remedy was correction of the TDS statement by the deductor or issue of the credit in the correct names. The denial of TDS credit was upheld and the appeal was dismissed.
TDS credit is available only to the person in whose hands the related income is assessable. The assessee, an APMC commission agent, admitted that the purchases and sales on which tax was deducted were those of agriculturists or farmers, not his own sales income. On that factual basis, the ITAT held that TDS reflected in the assessee's PAN was a wrong deduction entry and could not be claimed by him without corresponding income being offered to tax. The proper remedy was correction of the TDS statement by the deductor or issue of the credit in the correct names. The denial of TDS credit was upheld and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
