https://www.taxtmi.com/caselaws?id=310540 ITAT Indore allowed partnership firm's appeal regarding TCS credit claim. The firm engaged in liquor business with licensed partners had TCS certificates issued in individual partners' names rather than firm's name, leading to restriction of TCS credit in intimation u/s 143(1). Tribunal held that under Rule 37BA (amended from 2009), TCS credit should be given to the person in whose hands income is assessable. Matter remanded to AO for verification - if partners haven't claimed TCS credit individually, partnership firm entitled to credit after proper verification, following Bhooratnam Company precedent. en-us Mon, 18 Apr 2016 00:00:00 +0530 Mon, 30 Oct 2023 20:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310540 ITAT Indore allowed partnership firm's appeal regarding TCS credit claim. The firm engaged in liquor business with licensed partners had TCS certificates issued in individual partners' names rather than firm's name, leading to restriction of TCS credit in intimation u/s 143(1). Tribunal held that under Rule 37BA (amended from 2009), TCS credit should be given to the person in whose hands income is assessable. Matter remanded to AO for verification - if partners haven't claimed TCS credit individually, partnership firm entitled to credit after proper verification, following Bhooratnam Company precedent. Case-Laws Income Tax Mon, 18 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310540