2025 (7) TMI 1948

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....ondent : Shri Vivek Vardhan (Addl. CIT) - Ld. Sr. DR ORDER Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2023-24 arises out of an order of learned Addl./Joint Commissioner of Income Tax (Appeals)-4, Kolkata [CIT(A)] dated 26-11-2024 in the matter of an intimation issued by CPC u/s 143(1) on 09-01-2024. The assessee seeks TDS credit which....

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.... its books of accounts. As per Rule 37BA, TDS credit would be given in the assessment year in which such income was assessable. The assessee stated that it only charged commission and the impugned transactions were not the transaction of sale and purchase and this fact was supported by relevant "I" and "J" forms. The assessee only acted as commission agent and duly accounted for commission income ....

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....put on obligation on payer to deduct TDS on high value purchases. The said provisions target buyers with a specific turnover threshold, requiring them to withhold a portion of their payments as TDS. The purpose of the provisions is to improve the process of tax collection and ensure clear financial transactions. The specified buyers having turnover of more than Rs. 10 Crores are required to deduct....