2022 (11) TMI 585

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....ssee : Shri Vishal Kalra, Adv. And Mr. Reema Grewal, CA For the Department : Shri Sanjay Kumar, Sr. DR ORDER PER SAKTIJIT DEY, JUDICIAL MEMBER: Captioned appeal by the assessee arises, out of order dated 20.11.2019 of Learned Commissioner of Income-Tax (Appeals)-42, Delhi pertaining the assessment year 2016-17. 2. Short issue arising for consideration relates to non-grant of credit ....

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....essee follows accounting system of recognizing revenue on accrual basis. He submitted, on 31.03.2016 the assessee raised an invoice on Reliance Industries for an amount of US dollar 309870. However, though, the amount was accounted for in the books of account of the assessee as income in financial year 2015-16 corresponding to assessment year 2016-17, however, payment was actually released by Reli....

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....e - Trib.). 5. Learned Departmental Representative submitted, since, the deductor has deducted tax in assessment year 2017-18 and TDS certificate was issued for assessment year 2017-18 as well as the TDS amount was reflected in Form 26AS for assessment year 2017-18, the TDS credit could not have been given in assessment year 2016-17. 6. We have considered rival submissions and perused the ma....

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.... To a specific query raised by us, learned counsel appearing for the assessee made a statement at the Bar that neither the assessee has claimed TDS credit for the amount in dispute in assessment year 2017-18 nor Assessing Officer has granted any such credit. On a perusal of Rule 37BA, it is observed that TDS credit has to be granted in the year in which the corresponding income is taxable. As per ....