https://www.taxtmi.com/caselaws?id=465573 TDS credit was denied by CPC due to mismatch between turnover shown in the books and receipts reflected in Form 26AS, where purchasers deducted TDS u/s 194Q on the gross value of goods though the assessee, a commission agent, recorded only commission income. The ITAT held that s. 194Q imposes a withholding obligation on specified buyers and does not determine the recipient's taxable income; gross purchase value deducted upon may not represent the assessee's real income where sale proceeds are passed on to principals. As there was no finding that Form 26AS transactions were absent from the assessee's books for the year, denial of full credit was unjustified. The AO was directed to allow full TDS credit after verification; appeal allowed. en-us Tue, 01 Jul 2025 00:00:00 +0530 Wed, 31 Dec 2025 13:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465573 TDS credit was denied by CPC due to mismatch between turnover shown in the books and receipts reflected in Form 26AS, where purchasers deducted TDS u/s 194Q on the gross value of goods though the assessee, a commission agent, recorded only commission income. The ITAT held that s. 194Q imposes a withholding obligation on specified buyers and does not determine the recipient's taxable income; gross purchase value deducted upon may not represent the assessee's real income where sale proceeds are passed on to principals. As there was no finding that Form 26AS transactions were absent from the assessee's books for the year, denial of full credit was unjustified. The AO was directed to allow full TDS credit after verification; appeal allowed. Case-Laws Income Tax Tue, 01 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465573