TMI Blog2019 (10) TMI 624X X X X Extracts X X X X X X X X Extracts X X X X ..... S by Ashok Leyland is not denied. Both the sub-rules simply provide for granting of the benefit of TDS. The point of time at which the benefit of TDS is to be given, is governed by sub-rule (3) of Rule 37BA, which unequivocally provides through clause (i) that the 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 . It is, ergo, abundantly clear from the mandate of Rule 37BA(3)(i) that the benefit of TDS is to be given for the assessment year for which the corresponding income is assessable. Since the income of ₹ 84.10 lakh, on which tax of ₹ 8,41,050/- was deducted at source, is patently assessable in the year under consideration, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The ld. CIT(A) also affirmed the assessment order on this point. 4. We have heard both the sides and gone through the relevant material on record. A copy of the Sale register of the assessee has been placed at pages 46 and 47 of the paper book depicting total sales for the year under consideration at ₹ 3,69,53,687.33. This amount of turnover of ₹ 3.69 crore includes the invoice dated 28-03-2011 amounting to ₹ 80,10,000/- raised on Ashoka Leyland. It is in respect of this amount of invoice ₹ 80,10,000 plus other taxes etc. totalling to ₹ 84,10,000/-, that Ashoka Leyland deducted tax at source amounting to ₹ 8,41,050/-. Thus, it is established that the assessee recorded invoice of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax furnished by the deductor to the income-tax authority or the person authorised by such authority. (2) (i) where under any provisions of the Act, the whole or any part of the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, credit for the whole or any part of the tax deducted at source, as the case may be, shall be given to the other person and not to the deductee: Provided that the deductee files a declaration with the deductor and the deductor reports the tax deduction in the name of the other person in the information relating to deduction of tax referred to in sub-rule (1). (ii) The declaration filed by the deductee under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of the Rule provides that the credit for TDS shall be given to the person to whom payment has been made or credit has been given on the basis of information relating to TDS furnished by the deductor. What is material for sub-rule (1) is the beneficiary of credit for the TDS, being the person to whom payment has been made, which in the instant case is the assessee. The ld. CIT(A) has, in addition, relied on sub-rule (4) of Rule 37BA, which again provides that the credit for TDS shall be granted on the basis of information relating to deduction of tax at source furnished by the deductor. How, this rule prejudices the claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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