2016 (11) TMI 655

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent order dated 30th April , 2014 passed by the learned Assessing Officer (hereinafter called "the AO") u/s 154 of the Income Tax Act,1961 (Hereinafter called "the Act"). 2. The assessee is aggrieved in this appeal by non credit of tax deducted at source under Chapter XVII-B of the Act with respect and in proportion to the income offered for taxation in accordance with the provisions of Section 199 of the Act of 1961 read with Rule 37BA of Income Tax Rules, 1962. It is the say of the assessee that the assessee earned commission income of Rs. 1,42,89,500/- from Aegis Logistics Limited for the assessment year 2012- 13 on which tax was deducted at source u/s 195 of the Act falling under Chapter XVII-B of the Act of Rs. 44,15,455/- for which ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessment year 2013-14 and hence the assessee has rightly accounted for the said commission income of Rs. 1,20,00,000/- and corresponding TDS credit of Rs. 37,08,000/- in its return of income for the assessment year 2013-14 relying upon provisions of Section 199 of the Act read with Rule 37BA of Income Tax Rules, 1962. There was further grievance of the assessee with respect to denial on part of revenue in granting credit of TDS of Rs. 2790/- to the assessee. It is the say of the assessee that the assessee income tax return was processed by CPC, Bangalore vide communication Reference no. CPC/1213/P1/1223920339 u/s. 143(1) of the Act whereby demand was raised by Revenue of Rs. 6,62,110/- as payable inclusive of interest payable under p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t source under Chapter XVII-B u/s 195 of the Act for assessment year 2011-12 of Rs. 44,15,455/- and hence income was to be reported by the assessee for the assessment year 2011-12 and not for the assessment year 2012-13 as reported by the assessee.It was held by the learned CIT(A) that the AO has correctly given the credit for tax deducted at source of Rs. 37,08,000/- , however directions were issued by learned CIT(A) to bring to tax income of the assessee in the correct assessment year, vide appellate orders dated 31-07-2014. 4. The assessee filed second appeal with the Tribunal against the appellate order dated 31-07-2014 passed by the learned CIT(A). The learned counsel for the assessee reiterated the submissions as were made before the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the income as well tax deducted at source thereon only in the assessment year 2012-13 which claim of credit of tax deducted at source was denied to the assessee in the assessment year 2012-13 on the ground that tax deducted at source pertained to the assessment year 2011-12 while credit of tax deducted at source of Rs. 37,08,000/- was granted to the assessee which the assessee stated to have claimed in the assessment year 2013-14. The assessee had placed reliance on Section 199 of the Act of 1961 read with Rule 37BA of Income Tax Rules, 1962. The contentions of the assessee needs verification and we are setting aside and restoring this matter/issue to the file of learned AO/ACIT(CPC) who shall verify all the contentions of the assessee as ....