TaxTMI 
TaxTMI 
2025 (12) TMI 1179
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....hat the TDS has been duly deducted and deposited with the Government and the same is reflected in Form 26AS. 3. Representatives of both the sides were heard at length. Case records carefully perused. Relevant documentary evidence brought on record duly considered in light of Rule 18(6) of the ITAT Rules. 4. Brief facts of the case are that the assessee is a private limited company and is engaged in the business of real estate. The assessee filed its return of income on 27.10.2017 for A.Y 2017-18 declaring loss of Rs. 6,995/- while claiming a refund amounting to Rs. 3,41,286/-/-. 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 27.10.2019. The CPC while processing ....
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....s not been offered for tax in the current year. 8. The ld AR furnished copies of Form 26AS showing the TDS of Rs 3,41,285/- deducted, as also a confirmation from EMAAR MGF Land Ltd dated 18.09.2019 declaring that the corresponding income of Rs 3,41,28,527/- on which TDS of Rs 3,41,285/-has been declared, in their Financial statement and the said amount has been offered for taxation in their return. The Id. counsel for the assessee further placed reliance on the following decisions: 1. Tocsin Builders Pvt Ltd ITA No. 1192/DEL/2023 2. Haft Probuild Pvt Ltd ITA No. 891/DEL/2019 ITAT Delhi 3. CIT Vs. Relcom Hon'ble High Court of Delhi ITA No. 26 of 2015 4. Sewak Developers Pvt Ltd CIT(A) Delhi -8 10064....
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....venue by holding as under: "6. Having heard the submissions made on behalf of the revenue and after a perusal the orders passed by the CIT(A) and the ITAT, we are of opinion that the said orders do not call for any interference and were warranted and justified in the facts and circumstances of the case. Before we proceed to elaborate on our reasons for the same, a perusal of Section 199 of the Act is necessary. Section 199 reads as follows: "199. Credit for tax deducted. (1) Any deduction made in accordance with the foregoing provisions of this Chapter and paid to the Central Government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security, or....
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.... of 1,20,73,097/-. 8. This Court's reasoning is supported by a ruling of the Division Bench of the Andhra Pradesh High Court in CIT v. Bhooratnam, (2013) 357 ITR 196 (AP), where the Court noted as follows: "In our view, the CIT (Appeals) and the Tribunal have rightly held that the assessee is entitled to the credit of the TDS mentioned in the TDS certificates issued by the contractor, whether the said certificate is issued in the name of the Joint Venture or in the name of a Director of the assessee company. They have considered the terms of the agreement dated 12-03- 2003 among the parties to the joint venture and held that credit for TDS certificates cannot be denied to the assessee while assessing the contract receipts ....