https://www.taxtmi.com/caselaws?id=762274 ITAT Hyderabad ruled in favor of the assessee regarding TDS credit on mobilization advances. The assessee received mobilization advances of Rs. 157.65 crores with TDS of Rs. 3.15 crores deducted. When the contract was subsequently cancelled and advances returned net of taxes, CIT(A) allowed TDS credit for the assessment year. ITAT upheld this decision, holding that Rule 37BA(3)(ii) regarding spreading TDS credit over multiple years was inapplicable since no income accrued from the cancelled contract. The tribunal found no error in CIT(A)'s reasoning and decided against the revenue. en-us Tue, 26 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 07:48:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762274 ITAT Hyderabad ruled in favor of the assessee regarding TDS credit on mobilization advances. The assessee received mobilization advances of Rs. 157.65 crores with TDS of Rs. 3.15 crores deducted. When the contract was subsequently cancelled and advances returned net of taxes, CIT(A) allowed TDS credit for the assessment year. ITAT upheld this decision, holding that Rule 37BA(3)(ii) regarding spreading TDS credit over multiple years was inapplicable since no income accrued from the cancelled contract. The tribunal found no error in CIT(A)'s reasoning and decided against the revenue. Case-Laws Income Tax Tue, 26 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762274