TaxTMI 
TaxTMI 
TaxTMI 
2024 (7) TMI 1729
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....ated 29.03.2019 passed under Section 143(1) of the Income Tax Act, 1961 ('herein referred as Act') by the Central Processing Centre ('CPC') is illegal, bad in law and without jurisdiction. 2. That, in view of the facts and circumstances of the case and in law, CPC has passed the intimation order dated 29.03.2019 in violation to the provisions enumerated under Section 143(1)(a) of the Act, i.e., adjustment is made without giving an opportunity to the Appellant which is in gross violation to principles of natural justice. 3. That, in view of the facts and circumstances of the case and in law, the CPC has erred in disallowing the tax credit amounting to Rs. 39,30,2061- despite the fact that TDS has been duly d....
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.... 26.10.2017 for A.Y 2017-18 declaring loss of Rs. 11,808/- while claiming a refund amounting to Rs. 39,30,206/-. The return was processed by CPC and intimation u/s 143(1) of the Income-tax Act, 1961 [the Act, for short] was issued on 29.03.2019. The CPC while processing the return of income disallowed the entire TDS credit amounting to Rs. 39,30,206/- and rejected the refund as claimed by the assessee. 5. Being aggrieved, the assessee went in appeal before the ld. CIT(A). 6. After considering the facts and submissions, the ld. CIT(A) set aside the issue to the file of the Assessing Officer to examine the issue and verify the status of TDS as reflected in Form 26AS and also verify whether the corresponding income has been offered to ta....
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..../DEL/2019 ITAT Delhi 3. CIT Vs. Relcom Hon'ble High Court of Delhi ITA No. 26 of 2015 4. AWP Assistance [1] Pvt Ltd ITA No 5128/DEL/2018 ITAT Delhi 5. Ratan Lal Bhiari Lal ITA No. 100 Taxmann.com 70 ITAT Delhi 9. Per contra, the Id DR has relied on the orders of CIT(A) and stated that the matter has been set aside to AO to allow credit after verification of the facts. 10. We have heard the rival submissions and have perused the relevant material on record. In the instant case we find that the assessee has claimed a TDS credit of Rs. 39,30,206/ in its Form 26AS and the corresponding income has been declared by the sister concern. The issue is whether under section 199 of the IT Act, for claiming credit of....
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....he owner of the security, or of the depositor or of the owner of property or of the unit-holder, or of the shareholder, as the case may be. (2) Any sum referred to in sub-section (1A) of section 192 and paid to the Central Government shall be treated as the tax paid on behalf of the person in respect of whose income such payment of tax has been made. (3) The Board may, for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of this Chapter, make such rules as may be necessary, including the rules for the purposes of giving credit to a person other than those referred to in sub-section (1) and sub-section (2) and also the assessment year for which such credit may be given." ....
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....ile assessing the contract receipts mentioned in the said certificates as income of the assessee. The income shown in the TDS certificates has either to be taxed in the hands of the joint venture or in the hands of the individual co-joint venturer. As the joint venture has not filed return of income and claimed credit for TDS certificates and the TDS certificates have not been doubted, credit has to be granted to the TDS mentioned therein for the assessee. XXX XXX XXX The Revenue cannot be allowed to retain tax deducted at source without credit being available to anybody. If credit of tax is not allowed to the assessee, and the joint venture has not filed a return of income, then credit of the TDS cannot be taken by anybod....