9911796707
TMI Blog2024 (11) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 2023-2024. 2. The short issue arising in the present appeal for our adjudication relates to denial of credit of tax deducted at source(TDS) in the intimation made to the assessee in terms of the provisions of section 143(1) of the Act. 3. The facts of the case reveal that in the intimation made to the assessee the total TDS credit claimed by the assessee was to the tune of Rs. 5,24,600/-, which was restricted to Rs. 4,07,968/- by the CPC, in proportion of the income returned to tax to that on which TDS was deducted. It was noted that while TDS of Rs. 5,24,600/-had been deducted on an income of Rs. 5,24,60,000/-, the assessee had returned income only to the tune of Rs. 4,07,96,898/- in the return of income. That, accordingly, in terms of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at paragraph Nos.6 to 6.2.6 of his order are as under: "6. DECISION: I have very carefully considered the statement of facts, grounds of appeal and the appellant's submission and proceed to dispose of the appeal accordingly. 6.1. Ground of appeal no. 2 being general in nature requires no adjudication and is therefore Dismissed. 6.2. Ground of appeal no. 1 challenges the action of the AO in restricting the TDS credit to Rs. 407,968/- as against the claim of Rs. 524,600/-. The appellant has made the following arguments: i. The AO, CPC erred in declared the appellant's return as defective. ii. The credit for TDS is restricted by invoking the provisions of Rule 37BA despite there being no mismatch of TDS. ii. The appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... racted hereunder: [Credit for tax deducted. 199. (1) Any deduction made in accordance with the foregoing provisions of this Chapter and paid to the Central Government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security, or of the depositor or of the owner of property or of the unit-holder, or of the shareholder, as the case may be. (2) Any sum referred to in sub-section (1A) of section 192 and paid to the Central Government shall be treated as the tax paid on behalf of the person in respect of whose income such payment of tax has been made. (3) The Board may, for the purposes of giving credit in respect of tax deducted or tax paid in terms of the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit is to be given and reasons for giving credit to such person. (iii) The deductor shall issue the certificate for deduction of tax at source in the name of the person in whose name credit is shown in the information relating to deduction of tax referred to in sub-rule (1) and shall keep the declaration in his safe custody. (3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable. (ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deductor the necessary declarations requesting that TDS be issued for A.Ys. 2021-22, 2022-23 & 2023-24. Despite the deficiency letter issued by the AO, CPC, no such action has been carried out by the appellant and the TDS continues to appear for A.Y. 2023- 24 instead of A.Ys. 2021-22, 2022-23 & 2023-24. 6.2.4. As on the date of processing, the impugned income was appearing in Form 26AS of the appellant's PAN but was not included in computing the total income in the return filed by the appellant, credit for such TDS was not allowed and necessary adjustments u/s 143(1)(a) have been carried out by CPC as per the Act which is found to be tenable on facts and in law. 6.2.5. The short credit of TDS granted in respect of TDS deducted aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- Total 5,24,60,000/- the Ld.CIT(A) held that the CPC was correct in restricting the grant of TDS credit to the extent of that relating to the receipts reflected in the return of income filed in the impugned assessment year. The Ld.Counsel for the assessee before us was unable to point out any infirmity in the findings of the Ld.CIT(A), as stated above, both with regard to the interpretation of law on the grant of TDS credit in terms of provisions of Section 199 of the Act, 1961 read with Rule 37BA of the Income Tax Rules, 1962, as also with respect to the fact of the TDS being deducted on a portion of income which had already been returned to tax in the preceding assessment years. In the light of the same, we see no reason to int ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
