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TMI Blog2024 (11) TMI 1377X X X X Extracts X X X X X X X X Extracts X X X X ..... e for AY.2016-17. However, he has directed AO to allow credit of such TDS amount in AY.2018-19, which is correct. We direct the AO to withdraw credit of TDS from AY.2016-17, if the same has been allowed, after due verification by AO. AO is further directed to allow credit of TDS in AY.2018-19. This ground is allowed for statistical purpose. - Shri Pawan Singh, Judicial Member And Shri Bijayananda Pruseth, Accountant Member For the Appellant : Shri Mehul Shah, CA For the Respondent : Shri Ravish Bhatt, Sr. DR ORDER PER BIJAYANANDA PRUSETH, AM: This appeal by the assessee emanates from the order passed under section 250 of the Income-tax Act, 1961 (in short, the Act ) dated 03.04.2023 by the Learned Commissioner of Income Tax (Appeals), Nat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was rejected by the CPC vide order u/s 154 dated 28.06.2019. Therefore, no credit of the TDS had been given in the order u/s 154 r.w.s. 143(1) of the Act for AY.2016-17. 4. The assessee had sold an immovable property at Rs. 13,51,40,000/- and declared long-term capital gain (LTCG) at Rs. 3,29,57,386/-. The assessee received sale consideration of Rs. 4,50,00,000/- for AY.2016-17 on which TDS at Rs. 4,50,000/- was deducted u/s 194I of the Act by purchaser i.e., Happy Home Infra Tech. Further, on perusal of Form 26AS, the TDS u/s 194I of the Act to the sum of Rs. 24,959/- was deducted on the receipt of Rs. 2,49,391/- and the TDS u/s 194I of the Act, to the sum of Rs. 34,518/-, was deducted on receipt of Rs. 2,45,125/-. The credit for TDS of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see submitted a paper book containing at pages 1 to 78. The Ld. AR submitted the acknowledgment of return of income along with computation of income, Form 26AS, intimation order for AY.2016-17, dated 27.03.2019, rectification order for AY.2016-17 dated 28.06.2019. He also submitted Form 26AS for AY.2017-18 and intimation order for AY.2017-18 dated 01.01.2018. He further submitted acknowledgment of return of income along with computation of income for AY.2018-19, Form 26AS for AY.2018- 19, intimation order for AY.2018-19 dated 01.05.2019, acknowledgment of written submission dated 15.03.02021 and written submission before CIT(A) dated 15.03.2021. The Ld. AR submitted that intimation u/s 143(1) does not contain any reason for disallowing cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the purchaser, i.e., M/s Happy Home Infra Tech. As per Rule 37BA(3) of the Income-tax Rule, 1962 (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. In the instant case, the assessee has declared capital gain of Rs. 3,29,57,386/- in FY.2017-18 (AY.2018-19). Though the payments were received in three years, but credit for the TDS u/s 194IA deducted by the purchaser, M/s Happy Home Infra Tech, can be allowed only in AY.2018-19. Therefore, claim to allow credit of TDS of Rs. 4,50,000/- in AY.2016-17 is not in accordance with the clear provisions of the Act. The CIT(A) has rightly rejected the ground of the assessee for AY.2016-17. However, h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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