9911796707
TMI Blog2025 (3) TMI 1456X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Income Tax (Appeals) erred in upholding that the Centralized Processing Centre (CPC) has rightly not granted TDS credit to the extent of Rs. 12,38,459/- claimed in the return of income only on the basis that the same did not appear in the 26AS of the Appellant. 3. Both the learned Commissioner of Income Tax (Appeals) and CPC erred in not considering the fact that the income from the assets held in the Trust created for the Appellant's sole benefit, is required to be taxed u/s 161(1) of the Act in the Appellant's own hands. 4. The learned Commissioner of Income Tax (Appeals) and CPC erred in upholding that CPC has rightly not granted TDS credit of Rs. 12,38,459/-, inspite of assessing income of Rs. 74,66,005/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee is a trustee along with other two professionals. The assessee is the sole beneficiary of the said trust. According to the assessee in terms of section 161(1) of the Act income from the assets held in the said trust was required to be taxed in the hands of the assessee. The assessee accordingly offered following income in his hand: Gross TDS Interest Income 22,70,305 249,120 Dividend Income 51,95,700 9,89,339 74,66,005 12,38,459 Short Term capital Gain 1,65,374 NIL Long Term Capital Gain 10,11,364 NIL Long Term Capital Gain 16,48,619 NIL 3.1 Although the deductor deducted the TDS in the name of the trust as said investments were made by the trust, but the assessee claimed relevant TDS cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e CPC. Further, the appellant has submitted that as per Trust deed dated 15-12-2004, the appellant himself is the sole beneficiary in the said Trust. Hence, the AO is directed to verify the claim of the Appellant and allow the TDS as per provisions of the Income Tax Act, 1961." 3.1 The issue before us pertains to the denial of credit for Tax Deducted at Source (TDS) to the assessee, who is the sole beneficiary of a trust, on the ground that the tax was deducted in the name of the trust and, consequently, was reflected in Form No. 26AS of the trust rather than in the Form No. 26AS of the assessee. It is the settled position that the Department grants credit for TDS only if the said amount appears in the Form No. 26AS of the relevant assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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