TaxTMI 
TaxTMI 
2025 (9) TMI 215
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....50 of the Income Tax Act, 1961 [hereinafter referred to as 'the Act'] whereby the Ld. CIT(A) had disposed off the appeal against the Intimation Order, dated 28/10/2022, passed under Section 143(1) of the Act for the Assessment Year 2021-22. 2. The Appellant has raised following grounds of appeal : "1. The Commissioner of Income Tax (Appeals), ADDL/JCIT(A)-2, Gurugram [hereinafter CIT(A)] erred in confirming the action of AO in assessing the total income at Rs. 1,32,49,840/- and raising demand of Rs. 18,92,220/- as against refundable amount of Rs. 3,120/- as per Return of Income filed by the Appellant. 2. The CIT(A) erred confirming the action of AO in not giving credit for Tax Deducted at Source (TDS) of Rs. 15,62,722/-....
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.... (a) Fixed Deposit in Allahabad Bank (5 number of FD's) (b) Fixed Deposits in Axis Bank (6 number of FD's) (c) Fixed Deposit made with Saraswat Bank (1 number of FD) (d) Investment made in Mutual Fund BSL Short Term Opp Fund Growth-Citi (e) Investment made in Mutual Fund HDFC Credit Risk Debt Fund -Reg-Growth (f) Investment made in his account with Employees Provident Fund (g) Loan granted to S.V. Distributors Pvt. Ltd. 4.1. During the relevant previous year, following income had accrued from the above investments received as gift: Particulars Interest Amount TDS (INR) Bank F.D's 21,42,812 6,88,047 Mutual Funds :- Long Term Capital Gain(LTCG) 13,07,....
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....ed to tax as income for the Assessment Year 2021-2022 and the same was accepted as income of the Appellant. During the course of hearing the Learned Authorised Representative for the Appellant had submitted that the Appellant should be granted credit for TDS as per Section 199 of the Act and had placed on record copy of order, dated 04/09/2024, passed by the CIT(A) in the case of Ms. Gaurika Chandhok [PAN AADPC2028F]. It was submitted that in identical facts and circumstances CPC had not granted credit of TDS to the sister of the Appellant who had also received similar gifts from her father. The CIT(A) allowed the appeal and vide order, dated 04/09/2024, directed the Assessing Officer to grant credit of TDS. The relevant extract of the afor....
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....bmit that subsequently, Mr. Ravi Ghai once again filed rectified return on 22.07.2024 wherein Mr. Ravi Ghai claimed TDS of Rs. 55,708/- only and shown the balance TDS of Rs. 48,09,444/- to be granted as credit in the hands of her daughters including the Appellant Mrs. Gaurika Chandok (Refer Page No.207 to Page No.208). 2. Computation of Total Income of Mr. Ravi Ghai for A.Y.2021-22 is enclosed at Page No.210 to Page No.211. 3. Statement showing reconciliation of TDS appearing in Form 26AS of Mr. Ravi Ghai, TDS claimed by him in his return of income, TDS claimed by Appellant Mrs. Gaurika Chandok and his other daughters alongwith Form 26AS is enclosed at Page No.212 to Page No.219. 4. Declaration of Mr. Ravi Ghai th....
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....he aforesaid income of INR. 1,11,45,307/- to tax as her income for the Assessment Year 2021-2022 and the Assessing Officer has accepted the same. It is the case of the Appellant that once the Assessing Officer has accepted the income offered to tax as income of the Appellant the corresponding TDS credit of INR. 15,62,722/- should also be granted to the Appellant as per Section 199 of the Act. It has been contended that the aforesaid TDS credit has not been claimed by her father. Similar, claim made by the sister of the Appellant has been accepted in appeal preferred by her sister before the CIT(A) vide order dated 04/09/2024. We note that in the case of the Appellant also the CIT(A) has in principle accepted that the credit of tax deducted ....
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....e 178-400 0 --- 1 Set VUMT22221A 0 4.504 0 0 4,504 0 14.427 05 D 2 Sel MUMUOSISIG 25.42 C D 25.42 0 79.487 05 0 B 3 Sel 0 12.11 0 12.11 0 0 38.827 OS 4 4 MIVC00354E 0 11.66 0 0 13.66 43.76 0S 0 2 2 Document 2 5 Sel CHEN100GGA O 31,75 0 0 e 1.07. 33.77 NOPGG 3021 0 0 5 830 5 Sel CHEIOOGCA 0 22.61 0 0 0 71.11 22.81 AKMer 3541 0 1 1 1 7 Sol MUMT22225A 0 17.67 0 302N 4 MUMIT22225A D $1.65 5 37.25 11.46 AXMP57 n 0 354 4 , 1 MUMTZZZZSA 11.74 0 C 8:37.63 11.74 AADPC2 028F 0 1 , 4 10 Sel MUMLOS151G 0 1.07. 0 0 0 3,45 1,07. AXMPS? 0 0 5541 834 PER 11 Sef WMU05151G....