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2017 (3) TMI 1894 - AT - Income TaxRevision u/s 263 - Credit for tax deducted at source for the purposes of section 199 - Revenue has primarily relied on the findings of the Commissioner of Income Tax and stated that ld CIT has rightly exercised the jurisdiction u/s 263 and also submitted that as per section 199 read with Rule 37BA (3)(i), the TDS claimed by the assessee should not be allowed, that is, only those TDS should be allowed which pertain to the income declared by the assessee for the assessment year under consideration - HELD THAT:- We are of the view that there is merit in the submissions of ld DR for the Revenue, as his propositions are supported by the provisions of section 199 of the I.T. Act, read with Rule 37BA (3) of the Income Tax Rules,1962 - as per Rule 37BA(3) (i) the Credit for tax deducted at source(TDS) and paid to the Central Government, shall be given for the assessment year for which such income is assessable. The TDS pertains to advances should not be claimed by the assessee or may be claimed by the assessee in the assessment year in which said advances get converted into income. Considering the factual position explained above, we are of the view that order passed by the ld CIT U/s 263 does not contain any infirmity and accordingly, we confirm the order passed by the ld CIT u/s 263 of the Act - Decided against assessee.
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