TMI Blog2021 (1) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... such TDS relates to the income assessable over the assessment years 2017-18 and 2018-19, the credit has to be given in the proportion in which the income is assessable to tax for the assessment years 2017-18 and 2018-19 respectively. Ends of Justice would be met by directing AO to look into the fact whether the TDS deducted by the Hindustan Aeronautics Limited and reflected in form 26AS for the assessment year 2018-19, relates to the income/receipt in the hands of the assessee which is assessable for the assessment years 2017-18 and 2018-19, and if so then the assessing officer is directed to grant proportionate credit for such years. We, set aside the impugned order and remand the issue to the file of the assessing officer to verify ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an Aeronautics Limited for the assessment years 2017-18 and 2018-19 was ₹ 7,99,32,759/-, a service recipient, as reflected in form 26 AS for assessment year 2018-19. Out of this amount a sum of ₹ 4,31,87,175/- was offered to tax in assessment year 2017-18 and the balance was offered to tax in the assessment year 2018-19. The Hindustan Aeronautics Limited had deducted the tax on the entire amount of ₹ 7, 99, 32, 759/-in the assessment year 2018-19 and the same was reflected in form 26AS of the assessment year 2018-19. 3. Assessee submits that while they declared the income of Rs. In 4,31,87,175/- to the credit of its profit and loss account for the assessment year 2017-18, they correspondingly claimed proportionate tax d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to report correctly the tax deducted at source. 6. While placing reliance on section 199 of the Act and also rule 37 BA of the Income Tax Rules1962 ( the Rules ), Ld. AR submitted that a harmonized reading of the Act and the Rules permit the grant of TDS in the year in which the income/receipt on which the tax was deducted at source was offered/assessable to tax, and therefore, prayed this Tribunal to grant the proportionate credit of TDS reflected in form 26AS for the assessment year 2018-19, for the assessment year 2017-18. 7. We have gone through the record in the light of the submissions made on either side. Insofar as the facts are concerned, absolutely there is no dispute. Even according to the Ld. CIT(A), the issue has come up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs 2017-18 and 2018-19 respectively. In the circumstances we are of the opinion that the ends of Justice would be met by directing the assessing officer to look into the fact whether the TDS deducted by the Hindustan Aeronautics Limited and reflected in form 26AS for the assessment year 2018-19, relates to the income/receipt in the hands of the assessee which is assessable for the assessment years 2017-18 and 2018-19, and if so then the assessing officer is directed to grant proportionate credit for such years. 10. We, therefore, set aside the impugned order and remand the issue to the file of the assessing officer to verify whether the TDS deducted by the Hindustan Aeronautics Limited and reflected in the 26AS for the assessment year 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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