https://www.taxtmi.com/caselaws?id=759573 The ITAT Ahmedabad allowed the assessee's appeal against denial of TDS credit. The CIT(A) had denied credit due to non-reflection in Form 26AS and non-compliance with Rule 37BA. The ITAT held that taxpayers should not suffer due to third-party procedural lapses when acting in good faith. The tribunal emphasized that substance of compliance should prevail over procedural errors, noting the assessee declared income from Vedanta ADRs despite Citibank NA's procedural failures. Since tax was deducted and income offered for taxation, denying credit would not serve revenue interests and contradicts natural justice principles. en-us Mon, 30 Sep 2024 00:00:00 +0530 Fri, 04 Oct 2024 08:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759573 The ITAT Ahmedabad allowed the assessee's appeal against denial of TDS credit. The CIT(A) had denied credit due to non-reflection in Form 26AS and non-compliance with Rule 37BA. The ITAT held that taxpayers should not suffer due to third-party procedural lapses when acting in good faith. The tribunal emphasized that substance of compliance should prevail over procedural errors, noting the assessee declared income from Vedanta ADRs despite Citibank NA's procedural failures. Since tax was deducted and income offered for taxation, denying credit would not serve revenue interests and contradicts natural justice principles. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759573