TaxTMI 
TaxTMI 
2024 (7) TMI 81
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....he case, the Ld. CIT(A) has erred in allowing credit of TDS Rs. 49.71.083/- in the AY 2017-18. (ii). Under the facts and circumstances of the case, the Ld. CIT(A) has erred in giving direction to the Assessing Officer which is not in conformity with the provisions of Rule 37BA(3)(ii) of the Income Tax Rules, 1962. (iii). Under the facts and circumstances of the case, the Ld. CIT(A) has erred in no! appreciating the- fact that Proviso to sub-section 20 to See 155 of the Act prohibits credit of TDS in any assessment year other than the AY in which corresponding income was offered. 2. (i) Under the facts and circumstances of the case, the Ld. CIT(A) has erred in allowing credit of TDS Rs. 37,37,514/- in the AY 2017-1....
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....n Pvt. Ltd. AAACE3219Q 1,02,82,695 International Institute of Information Technology 3,90,20,356 India Build Villas Development Pvt. Ltd. AACCI3931K 4,69,23,428 Toyota Industries Engine India Pvt. Ltd. AAFCT3122J 3,78,99,908 Shimzu Corporation India Pvt. Ltd. AAPCS4719L 1,62,59,914 Stump Schuele & Somappa P. Ltd. AACCS228STG 4,03,56,553 Shri Vile Parle Kelavani Mandal AABTS8228H 2,52,60,243 Total 24,85,54,177 2.2 According to the A.O, the income pertaining to these receipts has accrued as well as offered to tax in the previous assessment years. However, TDS of Rs 49,71,083/- has been claimed in current A.Y. i.e. A.Y. 2017-18 which is not allowable as per s....
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.... found to be correct and the A.O is directed to allow TDS credit of Rs 49,71,083/- in A.Y. 2017-18 after verifying whether the corresponding income has been offered for taxes in earlier years by the assessee. Against this revenue is in appeal before us. 3. We have heard the rival submissions and perused the materials available on record. The contention of the ld. D.R. is that the income and TDS has to go together in an assessment year where the income has been offered for taxation. According to the ld. D.R., if the income is offered in earlier assessment year, the TDS has to be given credit in that assessment year only and in the present assessment year an amount of Rs.49,71,083/- is TDS relating to earlier assessment year and the NFAC/C....
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.... bills as and when earned proportionately. Since the income was not offered in the current A.Y 2017- 18, the AO has not allowed corresponding TDS credit of Rs 37,37,514/- as per Sec 199 r.w.r. 37BA. During the F.Y. 2016-17, the assessee has accounted mobilization advance receipt of Rs 18.68 crore and claimed TDS on this advance. Similarly, the assessee has recovered mobilization amounting to Rs 20.4 crores from sales bills on which there is no TDS deducted as the same has already been deducted at the time of paying the advance. So according to the assessee, if the receipt of advance and recovery of advance is considered together then there is more recovery in excess of receipt during the current year. The assessee has stated that this proce....
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....Co-ordinate Bench in the case of Greatship India Ltd. vs. DC IT in ITA No.5562/Mum/2018 order dated 8th June, 2020 to contend that the TDS credit cannot be postponed to a different assessment year on the basis of deduction carried out by the deductor when the accrued income from such transaction has been reported in the earlier assessment year. 5.1 A combined reading of Sect ion 199(3) r.w . Rule 37BA(3) makes the position of law clear that credit for TDS is available in the year in which the income is reported and as a corollary , should not be deferred to some other assessment year. In the instant case, if the Revenue has allowed the credit in the subsequent assessment year when the TDS is shown to have been credited in the form 26AS ,....