9911796707
TMI Blog2024 (7) TMI 1532X X X X Extracts X X X X X X X X Extracts X X X X ..... not eligible to claim refund of the corresponding TDS credit - revenue submit that as per Sec. 199 r/w Sec. 190 191 and Rule 37BA, TDS credit can be allowed only in the assessment year in which the corresponding income is offered to tax - HELD THAT:- Income to the extent of credit notes would never accrue to the assessee and therefore, credit thereof should be allowed in full to the assessee. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld.AR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. By way of this miscellaneous application, the revenue seeks our indulgence in Tribunal order passed in ITA No. 365/Chny/2023 on 23-01- 2024. The bench, in para-5 of the order, noted that the assessee received royalty payment from the Indian entity. The assessee would receive payment net of TDS. At year-end, royalty would be recomputed as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling of Income Tax Return which is the correct way of claiming the TDS credit. 2. In the application, the revenue submit that as per Sec. 199 r/w Sec. 190 191 and Rule 37BA, TDS credit can be allowed only in the assessment year in which the corresponding income is offered to tax. As there is no income accrued in respect of the credit notes, assessee is not eligible to claim refund of the correspo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from record. The Ld. AR, on the other hand, submitted that the application merely seek review of the order. 3. After hearing rival contentions and after going through the application as well as Tribunal order, we find that considering the factual matrix, the bench arrived at a conclusion that income to the extent of credit notes would never accrue to the assessee and therefore, credit thereof sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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