https://www.taxtmi.com/caselaws?id=446591 ITAT Delhi allowed the assessee's appeal regarding denial of TDS credit. The assessee earned interest on contractor advances during construction period, which was properly reduced from expenditure in balance sheet. Revenue did not dispute that interest income was part of business receipts and not taxable under "income from other sources." CPC initially denied TDS credit as it wasn't reflected in Form 26AS, but updated Form 26AS showed the TDS amount of Rs. 10,80,720. ITAT held that when TDS is deducted on income not liable for tax, assessee is entitled to TDS credit under Rule 37BA. The interest was directly incidental to machinery acquisition and properly disclosed. en-us Thu, 30 Nov 2023 00:00:00 +0530 Thu, 07 Dec 2023 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446591 ITAT Delhi allowed the assessee's appeal regarding denial of TDS credit. The assessee earned interest on contractor advances during construction period, which was properly reduced from expenditure in balance sheet. Revenue did not dispute that interest income was part of business receipts and not taxable under "income from other sources." CPC initially denied TDS credit as it wasn't reflected in Form 26AS, but updated Form 26AS showed the TDS amount of Rs. 10,80,720. ITAT held that when TDS is deducted on income not liable for tax, assessee is entitled to TDS credit under Rule 37BA. The interest was directly incidental to machinery acquisition and properly disclosed. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446591