TaxTMI 
TaxTMI 
2024 (9) TMI 971
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....Mr. Rishabh Nangia, Standing Counsels for Revenue. JUDGMENT YASHWANT VARMA, J. (ORAL) 1. This writ petition impugns the correctness of the order framed by the Commissioner of Income Tax (International Taxation)-2 and which has proceeded to dismiss an application under Section 264 of the Income Tax Act, 1961 [Act] preferred by the writ petitioner. In terms of the order impugned, the petitioner has been denied the credit of tax which had been deducted at source by Bajaj Allianz Life Insurance Company Limited [BALIC] in Assessment Year [AO] 2015-16. 2. The Commissioner has taken the view that since the income received from BALIC had never been offered to tax, the petitioner would not be entitled to the grant of Tax Deducted at Source [TDS]....
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....April 2016. In the meanwhile, the return for AY 2016-17 came to be submitted by the petitioner on 29 September 2016 wherein claim for TDS credit of INR 1,48,16,294/- stood embedded on account of the said amount having by then being captured in Form 26AS and which amount had remained unclaimed in AY 2015-16. 7. The return for AY 2015-16 was duly accepted by the jurisdictional Assessing Officer [AO] while passing an assessment order under Section 143 (3) on 21 December 2017. Although the subsequent return for AY 2016-17 came to be processed in accordance with Section 143 (1) and due intimation thereof sent to the petitioner on 28 March 2018, it was denied TDS credit of the sum aforenoted. 8. This led to the writ petitioner filing an online ....
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....y reflected TDS credit of INR 1,48,16,294/-. Although the return for that year came to be processed under Section 143 (1), the respondents failed to accord credit of TDS despite the same being duly reflected in Form 26AS. 12. The Commissioner, however, and despite the aforenoted undisputed facts, takes the position that since the income received from BALIC was never offered to tax, the petitioner is not entitled to be accorded credit of the TDS which was deposited. The view taken in this respect is clearly misconceived since it ignores the fact that the petitioner had consistently asserted that the income received from BALIC would not be taxable in India by virtue of Section 90 of the Act. The Commissioner also fails to bear in considerati....
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....the certificate furnished under section 203 [or section 206C] was not filed with the return and subsequently such certificate is produced before the Assessing Officer within two years from the end of the assessment year in which such income is assessable, the Assessing Officer shall amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto: Provided that nothing contained in this sub-section shall apply unless the income from which the tax has been deducted [or income on which the tax has been collected] has been disclosed in the return of income filed by the assessee for the relevant assessment yea....