2022 (11) TMI 1208

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....both in fact and law and is therefore bad in law. 2. The Learned Commissioner of Income Tax (Appeals) has erred in fact and in law by confirming the action of the Learned Income Tax Officer in not giving credit for TDS amounting to Rs.2,31,500/- deducted on sale of property." 3. The assessee is and individual and a Salaried Employee, deriving income from salary, house property and income under the head 'Other Sources'. The assessee filed return of income on 29.07.2016 declaring taxable income of Rs. 99,02,280/- and a loss to be carried forward of Rs. 98,68,866/-. 4. Intimation u/s 143(1) of the Income Tax Act, 1961 was received on accepting the returned income with carry forward of loss. The tax liability as per return was ca....

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....ee. 10. The Assessee again made a request for rectification on 27.01.2021 online on the e-filing portal of the Income Tax Department which has been decided by order dated 19.02.2021 u/s 154 of the Act, rejecting the rectification application. 11. The sale of property was made to Umesh Kathuria with registered PAN / AAIPK8145J. The TDS deducted amounting to Rs. 2,31,500/- was deposited by the Vendee, Umesh Khaturia on 14.12.2015. This was clearly reflected in Form 26AS for the year however later it was reduced to NIL by adjustment and the date of booking of both the entries is stated as 24.12.2015. 12. After adjusting, it is noticed that the credit now appears in Form 26AS for the AY 2014-15. 13. As per settled law, the credit of....

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....y established that amount of TDS has been deducted, wrongly shifted to AY 2014-15, when the transaction related to sale of property made in FY 2015-16 (AY 2016-17). The entire payment was received in the FY 201516 and the TDS was deducted as well in FY 2015- 16, and the Deductor deposited the TDS in that year. 17. The challan counterfoil dated 14.12.2015 issued by the bank also shows that the TDS deposited is for AY 2016-17. 18. The TDS return in Form 26QB as downloaded also shows that the return is for the AY 2016-17 (FY 2015-16) however the date of payment and date of deduction are erroneously and wrongly mentioned as 01.06.2013 instead of 10.12.2015, the date of transaction on which the payments were made by the Deductor through RT....