9911796707
TMI Blog2024 (7) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... name of the demerged/transferor company. See ADANI GAS LTD. [ 2016 (1) TMI 940 - ITAT AHMEDABAD] and ULTRATECH CEMENT LTD. [ 2022 (1) TMI 923 - ITAT MUMBAI] As noted that the assessee itself is Deductor and Deductee company is a merged entity. Therefore, the Ld.CIT(A) should have decided on the facts and merits of the case. Thus, we set aside the order of the Ld.CIT(A) and direct the AO to allow the TDS credit to the assessee, after verifying that the relevant income has been assessed in this year. Assessee appeal allowed. - Ms. Suchitra Kamble, Judicial Member And Shri Makarand V. Mahadeokar, Accountnat Member For the Assessee : Shri Sunil Talati, AR For the Revenue : Shri Sudhakar Verma, Sr.DR ORDER PER SHRI MAKARAND V. MAHADEOKAR, AM: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and was also offered for tax while filling return of income for the respective years. Accordingly, TDS credit relating to such income has been claimed while filing Income tax return for the A. Y. 2021-22. 2.3. The assessee-company booked and offered for tax an income of Rs. 99,22,532/- of merged entity M/s.Tash Investment Pvt. Ltd in F. Y. 2019- 20 relevant to A.Y, 2020-21, however the TDS receivable of which Rs. 9,92,253/claimed in the return of F.Y. 2020-21 relevant to A.Y. 2021-22. 2.4. Moreover, the assessee-company also booked and offered for tax an income of Rs. 2,00,000/- of merged entity M/s.Tash Investment Pvt. Ltd in F. Y. 2020-21 relevant to A.Y. 2021-22 and claimed the TDS receivable of Rs. 17,000/- in return of income of F. Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered and offered the Income of merged entity M/s Tash Investment Pvt. Ltd amounting to Rs. 99,22,532/- in the ITR of A.Y 2020-21. The TDS credit of Rs. 9,92,254/- of the mentioned income of A.Y. 2020-21 was claimed in the ITR of A.Y. 2021-22. Also, the appellant company has considered and offered the income of merged entity M/s Tash Investment Pvt. Ltd amounting to Rs. 2,00,000/- in the ITR of A.Y. 2021-22 and has accordingly claimed the TDS credit of Rs. 17,000/- the ITR of AY 2021-22. iv) The CPC, Income Tax Department, while processing return of income has considered the income offered of the amalgamated and merged entity of M/s. Tash Investment Private Limited, but has erred in not granting TDS credit receivable of the sald income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn, the CPC considered the income but did not grant the corresponding TDS credit. He also placed reliance on decision of Mumbai Bench of ITAT in case of Culver Max Entertainment Pvt. Ltd. Vs. Asst. Commissioner of Income Tax, Circle-13(2)(2) in ITA No. 7685/MUM/2019 and ITA No. 925/MUM/2021. The Hon'ble Mumbai Bench of the ITAT has addressed a similar issue in the case of Culver Max Entertainment Pvt. Ltd. in ITA No. 7685/MUM/2019 for A.Y. 2015-16 and ITA No. 925/MUM/2021 for A.Y. 2016-17. In this case, the ITAT directed the AO to allow TDS credit even if the TDS certificates were in the name of the amalgamated/demerged company, provided the relevant income was assessed in the hands of the assessee. While deciding so, the Tribunal re ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
