TaxTMI 
TaxTMI 
2025 (11) TMI 920
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....ssee is an NRI and also having income from rent and interest during the year under consideration. The assessee had sold a property during FY 2018-19 at Rs. 2,97,50,000/- and declared his income in its return of income for AY 2019-20. During the FY 2018- 19, the assessee has received a sum of Rs. 1,97,50,000/- including TDS and declared capital gain in AY 2019-20 for the total consideration declared of Rs. 2,97,50,000/- in his return of income and also paid due taxes in that year. The assessment for the AY 2019-20 was also completed and the said income was assessed by the AO. The TDS of Rs. 47,24,200/- was claimed in AY 2019-20 and the above tax was deducted on the amount of Rs. 1,97,50,000/- as received and paid by the buyer. The balance am....
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....d by the buyer on assessee's part amounting to Rs. 23,92,000/-. It is reiterated that the reply submitted by the assessee is not satisfactory as although the assessee has filed computation of income, form 26AS, copy of sale deed, copy of development agreement, copy of confirmation from Veera Developers Pvt. Ltd with regard to the balance payment of Rs. 1,00,00,000/- including TDS amount of Rs. 23,92,000/- received on 01.12.2022 but a very basic and important evidence in the case of the assessee that is return of income filed by the assessee for AY 2023-24 as well as AY 2019-20 have not been filed. In the absence of both the returns of income the contention of the assessee is not verifiable. This basic fact should have been appreciated b....
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.... basis in the AY 2019-20 and the Buyer deducted the tax at source (TDS) of Rs 47,24,200/- on Rs. 1,97,50,000/- in AY 2019-20 on actual payment basis and 23,92,000/- in the AY 2023-24 on the payment of Rs. 1.00 Crore. C. The Respondent is wrong in law and on facts of the case ignoring section 5(2), Explanation 2 of the Income Tax Act 1961 and applying section 199. D. The Respondent is wrong in allowing credit of TDS on proportionate basis under Rule 37BA disregarding the fact that the income has never been apportioned in any way by assessee. 3. On the facts and in the circumstances of the case, the CIT(A) erred in law and on facts in dismissing the appeal of the assessee on the ground that the Income Tax Returns fo....
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.... record and also filed paper book in which assessee has filed computation of income for AY 2019-20, copy of return of income for AY 2019-20, copy of Form 26AS for AY 2019-20, computation of income for AY 2023-24, return of income filed for AY 2023-24 and copy of Form 26AS for AY 2023-24. He also brought to our notice that in AY 2019-20, the assessee has declared the full value of consideration of Rs. 2,97,50,000/- and offered to tax the above said income and claimed only the TDS actually deducted by the buyer during the AY 2019-20. Further he brought to our notice page 114 of the paper book wherein Veera Developers had paid Rs. 1,00,00,000 during the AY 2023-24 and also deducted TDS of Rs. 23,92,000/-. The assessee has also brought to our n....