2017 (12) TMI 1831

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....ue : Shri K.K.Khemka, Advocate ORDER This appeal by the Revenue and the Cross objection by the assessee are directed against the order of the Learned Commissioner of Income Tax (Appeals)-9, Kolkata [ in short the ld CITA] dated 24.05.2017 which was passed against the order passed by the ACIT, Circle-31, Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short ....

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....ion 199 of the Act, credited of TDS made on mobilization advance cannot be allowed in the current year. The Ld. CIT(A) allowed the appeal of the assessee by applying the judgment of the Hon'ble Karnataka High Court in the case of CIT Central vs. Elsamex TWS-SNC(JV) had held that the mobilization advance was not an income as it was granted against the bank guarantee and was interest bearing. Since,....

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.... - 3,86,300/-) be directed to be allowed in assessment year 2014-15. 4. After hearing rival submissions, I held as follows: Section 199(3) read as follows: "The Board may, for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of this Chapter, make such rules as may be necessary, including the rules for the purposes of giving credit to a per....