2025 (8) TMI 597

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.... "The Ld. CIT(A) has erred in law and on facts in not directing the Assessing Officer to allow the credit of TDS of Rs. 56,000 (28,000 + 28,000) claimed by the assessee deducted on the sales consideration of the property sold during the year which was in the name of the wife of the assessee, Mrs. Nidhi Jain whereas the LTCL on the sale of the said property is duly included in the income of the assessee in terms of the provisions of section 64 of the Act even if the formality of Rule 37BA of Income Tax Rules is not completed." 3. Brief facts of the case are that the assessee is an individual and his residential status is that of Non-Resident during the A.Y 2024-25. During the A.Y. under consideration, his income in India included i....

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....refund of Rs. 57,262/- including TDS of Rs 56,000/- u/s 194-IA of the Act which was deducted in the name of wife of the assessee, Mrs. Nidhi Jain as the property was in her name. 6. The said TDS of Rs. 56,000/- (28,000 deducted by each joint buyer) was not claimed by wife of the assessee in her return. The return filed by the assessee was processed u/s 143(1) of the Act and the aforesaid LTCL of Rs. (-) 19,50,046 was duly included in the hands of the assessee but credit of TDS of Rs. 56,000 (28,000+28,000) deducted in respect of the sales consideration of the aforesaid property sold was not allowed to the assessee and a refund of Rs. 1,262/- (plus interest of Rs. 36 minus deductions of TDS of Rs 11) was allowed against refund claimed of ....

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....ispute that the funds for purchase of the said property was procured by the assessee and that the assessee is the owner of the said property. The revenue also does not dispute that the said property was purchased in the name of the wife. We find that the said property was sold and the assessee has offered the capital loss arising from the said sale under his name which has been accepted by the Revenue. The TDS benefit, however, has been denied to the assessee. 12. To appreciate the issue of credit of TDS in the hands of the assessee at hand, we examined the provisions of section 199 which is as under: 199. (1) Any deduction made in accordance with the foregoing provisions of this Chapter and paid to the Central Government shall ....