2016 (2) TMI 1367 - HC - Income Tax

Treatment of amounts deposited as Tax Deducted at Source (TDS) - HELD THAT - The Income Tax authorities shall consider and appropriately grant the relief which the applicant may be eligible and entitled to claim, having regard to the provisions of Section 89 for spread-over of the income tax liability (calculated on lump sum basis while deducting TDS). If an application is made in that regard within three weeks from today, the respondent bank shall extend full cooperation and furnish all necessary calculations in this regard. The Income Tax authorities shall grant the relief to the extent permissible in accordance with law.

Summary

The Delhi High Court ordered the Income Tax authorities to consider and grant relief to the applicant regarding the treatment of amounts deposited as Tax Deducted at Source (TDS) in accordance with Section 89 of the Income Tax Act, 1961. The applicant must make an application within three weeks for the relief, and the respondent bank is directed to provide necessary calculations.