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2022 (11) TMI 371 - AT - Income TaxDenial of credit of tax deducted at source - objection of the Revenue is that the Appellant is claiming credit for tax deducted at source corresponding receipts of which have not been credited to the profit and loss account and therefore, not offered to tax - stand of the Appellant is that there was back to back arrangement with the Sub-Contractor and therefore, the entire receipts were passed on to the Sub-Contractor leaving “Nil” income to be disclosed in the return of income - HELD THAT:- We are of the view that while the Appellant cannot be denied the credit for credit for tax deducted at source in the facts and circumstances of the present case, the Revenue cannot be denied opportunity to examine the receipts and corresponding payments. The Appellant has placed on record, separate ledger account maintained showing receipts from NHAI and corresponding payments to sub-contractors - Accordingly, AO is directed verify that the receipts and deducibility of the corresponding payments reflected in the aforesaid ledger account during the relevant assessment year, and thereafter, allow the claim of credit of tax deducted at source by NHAI - With the aforesaid directions and in view of our findings Ground No. 1 to 4 are disposed off.
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