TaxTMI 
TaxTMI 
2023 (5) TMI 162
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar 2012-2013. 2. The only issue raised by the assessee is that the learned CIT(A) erred in not granting the refund of TDS credit of Rs. 11,89,444/- only. 3. The facts in brief are that the assessee in the present case is a NBFC and engaged in the business of financing against stock and commodities. The assessee in the year under consideration filed return of income under section 139 of the Act dated 11-09-2012 declaring loss at Rs. 40,56,081/- only. There was credit of tax deducted at source for Rs. 11,89,444/- which was inadvertently not claimed as refund in the return filed under section 139 of the Act. However, the return of the assessee was processed under section 143(1) of the Act dated 21-02-2013 accepting the loss at Rs. 40,56,081/....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... credit relying upon order referred supra. Thus, appellant is not entitled for such TDS credit, as claimed in Rectification Application. On this fact both the grounds of appeal are dismissed. 5. Being aggrieved by the order of the AO, the assessee is in appeal before us. 6. The learned AR before us contended that the assessee should be allowed the benefit granted under the statute. As such the assessee should not be made to suffer on account of the mistake committed by it. 7. On the other hand, the learned DR before us contended that the assessee has not challenged the application rejected under the provisions of section 119(2)(b) of the Act. Thus, the assessee should not be given the benefit of the TDS credit. The learned DR vehemently ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... them merely on technical grounds. The State authorities cannot adopt the attitude which private litigants might adopt." 8.1 From the above it is revealed that the income of the assessee should not be over assessed even if there is a mistake of the assessee. As such the legitimate deduction for which the assessee is entitled should be allowed while determining the taxable income. We also note that the Hon'ble Gujarat High Court in the case of Vareli textile industry versus CIT reported in 154 Taxman 33 wherein it was held as under: It is equally well-settled that where a cause is consciously abandoned (as in the present case) the party seeking condonation has to show by cogent evidence sufficient cause in support of its claim of condonat....