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TMI Blog2022 (12) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... ct the AO to verify the claim of TDS and grant the credit, if the Assessee is entitled to, suffice to say by disposing of the rectification application referred to above filed by the Assessee within a period of 03 months and by affording reasonable opportunity of being heard to the Assessee. As we have directed the AO to dispose of the Rectification Application filed by the Assessee u/s 154 of the Act for efficacious remedy, hence in our considered view, there is no need to decide this appeal on merit. - ITA No. 419/Del/2022 - - - Dated:- 30-11-2022 - Shri Anil Chaturvedi, Accountant Member And Shri Narender Kumar Choudhry, Judicial Member For the Assessee : Sh. Jeet Kamdar, Ld. Adv. And Sh. Akram Khan, Ld. CA For the Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 12th May, 2020, u/s 154 of the Act to the jurisdictional assessing officer i.e. Asstt. Commissioner of Income-tax (Intl. Taxation)-1(3)(1), New Delhi. In support, the learned counsel has also filed a certified true copy of the rectification application. He submitted that the said application has not yet been disposed of by the Assessing Officer and the Assessee was compelled to file appeal before the Ld. Commissioner. 3.1 On the other hand, learned Sr. Departmental Representative supported the order of the learned CIT(Appeals) and submitted that since the Assessee had not exhausted the remedy available to it, the Ld. Commissioner was fully justified to advise the Assessee to exhaust the remedy available. 4. Heard the parties an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section154 of the Income-tax Act and application for stay of demand Assessment Year 2018-2019 We are writing this letter under instructions from our above mentioned clients for the captioned assessment year. This is with reference to the Intimation under section 143(1) dated 23rd February, 2020 passed by the Assistant Director of Income Tax, CPC Bangalore (copy enclosed marked Annexure 1) raising an erroneous demand payable of Rs. 7,08,40,350/- for the captioned assessment year. Under the instructions from our above clients, we submit that the following mistakes have crept into the order, which are apparent from the records: 1) SHORT GRANT OF TPS CREDIT a) The assessee company is a foreign company inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income and the 26AS wherein the TDS is reflected are as under: Particulars of income Income (Rs.) Corresponding TDS claimed as per 26AS (Rs.) TDS reflecting in form 26AS of A.Y. Bareboat charter hire income as per section 44BB 7,49,81,024/- 3,24,37,449/- A.Y 2018-19 Interest income 27,14,95,936/- 4,07,24,390/- A.Y 2019-20 34,64,76,960/- 7,31,61,839/- g) The assessee company has offered to tax interest income of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26AS for the Assessment Year 2019-2020 vis-a-vis claimed in the Return of Income: Particulars TDS credit (Rs.) TDS credit reflected in Form 26AS for the AY 2019-20 (copy of Form 26AS for AY 2019-2020 attached marked Annexure 4) 10,49,22,091 Less: TDS credit reflected in Form 26AS for the AY 2019-2020 but claimed in Ay 2018-19 4,07,24,390 Balance TDS credit in Form 26AS of AY 2019-2020 6,41,97,701 TDS credit claimed in Ay 2019-2020 and allowed by the Income-tax department vide intimation under section 143(1) for AY 2019-2020 (copy of intimation under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot file proper application signed by it u/s 154 of the Act for efficacious remedy, therefore rightly not entertained by the Assessing Officer however considering the magnitude, the peculiar facts and circumstances of the case and to cut short the litigation, we deem it appropriate as the parties also agreed, to direct the Assessing Officer to verify the claim of TDS and grant the credit, if the Assessee is entitled to, suffice to say by disposing of the rectification application referred to above filed by the Assessee within a period of 03 months and by affording reasonable opportunity of being heard to the Assessee. Order accordingly. As we have directed the AO to dispose of the Rectification Application filed by the Assessee u/s 154 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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