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TMI Blog2023 (6) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... refund is required to be issued in favour of the assessee. Therefore, AO may proceed in accordance with the provisions of section 4, 5, 9 and 199 of The Act and rule 37BA of the I T Rules. Needless to say, the assessee may be granted an opportunity of hearing before deciding the issue. Appeal of the assessee is allowed for statistical purposes. - ITA No. 835/MUM/2023 - - - Dated:- 29-5-2023 - Shri Prashant Maharishi, AM And Shri Kuldip Singh, JM For the Assessee : Ms. Ayush Modani, AR For the Revenue : Smt. Sonia Kumar, DR ORDER PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the assessee against the appellate order passed by the Ld. Commissioner of Income Tax (Appeals) -58, Mumbai (hereinafter the CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot grant any refund and accordingly refund has been computed at Rs Nil. The assessee has also filed rectification application on 22.04.2019 stating that in form no 26 AS tax credit of 03,93,395/- is reflected and therefore the credit to that extent should be granted. Assessee has also filed an appeal before the Ld. CIT (A). 04. Assessee submitted before the Ld. CIT(A) that assessee is eligible for tax deduction at source credit of Rs 03,93,375/-. Ld CIT(A) held that tax credit is allowed in the assessment year in which the corresponding income has been offered to tax. He further noted that the corresponding income of Rs 182,92,865/- as reflected in form no 26AS has not been offered to tax and therefore for this year tax credit is not all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le facts show that assessee is a company Incorporated in China and resident of China. It is engaged in the business of design and manufacture and supply of elevators. The return of income filed by the assessee declaring nil income claiming credit of tax deduction at source of ₹ 3 93 375. Looking at the provisions of section 199 of the income tax act which provides about credit for tax deducted at source stating that any tax deduction made in accordance with the provisions of tax deduction at source and which is paid to the central government shall be treated as payment of tax on behalf of the assessee from whose income the deduction was made. Corresponding rule 37BA also deals with the procedural manner in which credit for tax deducte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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