2018 (4) TMI 92

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.... A Shankar & Sri M Lava, Advocates)   JUDGMENT The revenue seeks to maintain this appeal under Section 260-A of the Income Tax Act, 1961 ['the Act'] against the order dated 09.10.2015, as passed by the Income Tax Appellate Tribunal, 'A' Bench, Bengaluru ['the Tribunal'], in ITA No.314/Bang/2011 (relating to the Assessment Year 2 007-08). The relevant background aspects of the matter ....

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.....2014 in ITA No.819/2007 in the assessee's own case relating to the Assessment Year 2002-2003. Aggrieved, the revenue seeks to maintain this appeal with the submissions that a combined reading of Section 194-C and Section 199 of the Act with Rule 37B (3)(i) & (ii) of the Rules under the Act establishes that credit for tax deducted and paid to Central Government shall be given for the Assessment Ye....

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....t has pointed out the facts and, thereafter, observed as under: "7. From the material on record, it is clear that the assessee is a contractor who has been paid a sum of Rs. 29,28,59,937/- as mobilization advance which is not an income. But by virtue of Section 194C, TDS of Rs. 59,12,958/- was deducted and credited to the account of the assessee in part. For the assessment year 2002-2003, the a....

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....returns of the assessee. But he was in error in not refunding the balance amount on account on the ground that it is liable to be adjusted in future years. If Rs. 14,93,568/- was refundable as the assessee had no income for the assessment year 2002-2003, the balance amount could not have been retained when there was no income which is liable to tax at the hands of the assessee. In fact the adva....