https://www.taxtmi.com/caselaws?id=755565 ITAT Hyderabad held that when assessee follows percentage completion method for revenue recognition, TDS credit should be allowed proportionate to income recognized in relevant assessment year, not strictly per Form 26AS. The tribunal found merit in assessee's submission that contractor deducts TDS on amounts paid/credited while contractee recognizes revenue based on work completion percentage. Matter remanded to AO for verification of details furnished by assessee regarding proportionate TDS claims and carry forward of excess credits to subsequent years. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:19:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755565 ITAT Hyderabad held that when assessee follows percentage completion method for revenue recognition, TDS credit should be allowed proportionate to income recognized in relevant assessment year, not strictly per Form 26AS. The tribunal found merit in assessee's submission that contractor deducts TDS on amounts paid/credited while contractee recognizes revenue based on work completion percentage. Matter remanded to AO for verification of details furnished by assessee regarding proportionate TDS claims and carry forward of excess credits to subsequent years. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755565