https://www.taxtmi.com/caselaws?id=767206 ITAT Hyderabad allowed the assessee's appeal regarding denial of TDS credit under Section 238(1). The AO incorrectly assumed that transferring gross contract receipts to constituent partners meant profit was also transferred to them. However, the assessee reported contract receipts as income and back-to-back payments as expenses, showing nil profit but still disclosing profit/loss in its hands. Since TDS was deducted and remitted in the assessee's name, and the assessee disclosed relevant profit/loss from contracts, the assessee was entitled to TDS credit under Section 199(1) and Rule 37BA(1). The AO and CIT(A) erred in denying the TDS credit claim. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767206 ITAT Hyderabad allowed the assessee's appeal regarding denial of TDS credit under Section 238(1). The AO incorrectly assumed that transferring gross contract receipts to constituent partners meant profit was also transferred to them. However, the assessee reported contract receipts as income and back-to-back payments as expenses, showing nil profit but still disclosing profit/loss in its hands. Since TDS was deducted and remitted in the assessee's name, and the assessee disclosed relevant profit/loss from contracts, the assessee was entitled to TDS credit under Section 199(1) and Rule 37BA(1). The AO and CIT(A) erred in denying the TDS credit claim. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767206