https://www.taxtmi.com/caselaws?id=465575 TDS credit was denied on the ground that Form 26AS reflected TDS deducted under s. 194Q on the gross value of goods, whereas the assessee, a commission agent, recorded only commission income in its books. The Tribunal held that s. 194Q merely imposes a withholding obligation on specified buyers and does not determine the recipient's taxable income; gross purchase value reflected in Form 26AS need not constitute the assessee's real income where sale proceeds are passed on to principals and only commission is offered to tax. As there was no finding that Form 26AS transactions were outside the books for the year, denial of full TDS credit was unjustified. The AO was directed to grant full TDS credit after verification; appeal allowed. en-us Wed, 09 Jul 2025 00:00:00 +0530 Wed, 31 Dec 2025 13:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465575 TDS credit was denied on the ground that Form 26AS reflected TDS deducted under s. 194Q on the gross value of goods, whereas the assessee, a commission agent, recorded only commission income in its books. The Tribunal held that s. 194Q merely imposes a withholding obligation on specified buyers and does not determine the recipient's taxable income; gross purchase value reflected in Form 26AS need not constitute the assessee's real income where sale proceeds are passed on to principals and only commission is offered to tax. As there was no finding that Form 26AS transactions were outside the books for the year, denial of full TDS credit was unjustified. The AO was directed to grant full TDS credit after verification; appeal allowed. Case-Laws Income Tax Wed, 09 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465575