2024 (10) TMI 745

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....gainst the order of assessment passed u/s 143(3) r.w.s. 144 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') dated 29.02.2016 by the Assessing Officer, DCIT, Circle-70(1), New Delhi (hereinafter referred to as 'ld. AO'). 2. Though the assessee has raised several grounds, the only effective issue to be decided in this appeal is with regard to non denial of grant of foreign tax credit of Rs. 98,852/- by the lower authorities. 3. We have heard the rival submissions and perused the material available on record. The assessee is an individual deriving income from salary, income from house property, income from capital gains and other sources. The return of income for AY 2013-14 was filed by the assessee on 28.07.2013 decla....

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....4,961/- towards salary from HSBC USA was offered in the revised computation during the course of assessment proceedings. A sum of Rs. 29,37,294/- was already offered by the assessee in the original return of income. Hence, the lower authorities ought not to have taxed the very same sum of Rs. 29,37,294/- again in the assessment. In this regard, the action of the ld AO is without any basis and reflects complete non-application of mind. Further, the assessee for the additional income offered in the revised computation had claimed foreign tax credit of Rs. 98,852/- which would be obviously allowable to the assessee. It is not the case of the revenue that the assessee had not paid the tax to the tune of Rs. 98,852/- in USA. Hence, we hold that ....

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....r the head "House Property" (1,50,000) 1,50,000 Income from other sources Interest from savings bank account in India 2,599 2,599 Overseas Bank Interest Income chargeable under the head "other sources" 41 이 41 Gross Total Income 53,93,577 42,56,669 11,36,908 Deductions under chapter VI-A Investment u/s 80C, CCC, CCD PF contribution Housing loan repayment 63,885 1,27,630 63,885 Life Insurance Premium 29,177 Total investment-subject to ceiling u/s 80CCE 1,00,000 1,27,630 29,177 1,00,000 Deduction under section SOTTA 2,599 ° Total Income 52,90,978 41,56,669 Total income rounded off u/s 288A $2,90,980 41,56,670 Tax on tot....