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2020 (2) TMI 21 - AT - Income TaxEntitlement to TDS credit - short/deficit credit of TDS - Whether credit for TDS should be given for the assessment year for which the income is assessable? - HELD THAT:- Unable to subscribe to the view taken by the lower authorities that despite the fact that the sales/receipts were accounted for by the assessee during the year under consideration viz. A.Y 2015-16, the corresponding credit of TDS of ₹ 45,41,995/- was not be allowed to it in the said year. We are unable to persuade ourselves to subscribe to the view taken by the lower authorities, that the credit for the tax deducted at source (TDS) was to be allowed to the assessee in the immediately succeeding year i.e A.Y 2016-17, despite the absence of the assessable income in the said year. Accordingly, we restore the matter to the file of the A.O, with a direction to allow the short/deficit credit of TDS of ₹ 45,41,995/- to the assessee in the year under consideration i.e A.Y 2015-16. A.O before allowing the credit of the TDS of ₹ 45,41,995/- shall verify the veracity of the claim of the assessee that the sales/receipts corresponding to the TDS credit of ₹ 45,41,995/- were accounted for by it during the year under consideration viz. A.Y. 2015-16. Also, as a word of caution, the A.O shall take necessary steps in order to ensure that no TDS credit of the aforesaid amount of ₹ 45,41,995/- is/was availed by the assessee in the immediately succeeding year i.e A.Y 2016-17 in which the same is reflected in its “Form 26AS”.
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