TMI Blog2017 (12) TMI 1831X X X X Extracts X X X X X X X X Extracts X X X X ..... st the provision of the Act. Hence, the same is reversed and the appeal of the revenue is allowed. Coming to the cross objection the claim of the assessee is in accordance with Section 199 read with Rule 37BA(3) of the Act. The assessing officer directed to grant credit as per law to the assessee in the year which mobilization receipt is offered to tax as income.Appeal of the Revenue is allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of M/s Rahee Infratech Ltd. and M/s Jhajharia Nirman Private Ltd., both having 50% profit sharing ratio. During the impugned financial year, the assessee JV was engaged in the business of construction of road bed, Bridge, supply of Truck/Rails, Track installation, Signaling and Telecom and Overhead Electrification and associated equipment. The issue before us is whether the Ld. CIT(A) was right ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is entitled to credit of ₹ 12,96,197/-. Aggrieved the revenue is in appeal before us on the following ground: 1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(Appeals) has erred in allowing the credit of TDs of ₹ 12,96,167/- deducted towards Mobilization Advance recovered by M/s Moser Baer Construction Pvt. Ltd. 3. The assessee filed cross o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such credit may be given. Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 read as follows: (i) 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. (ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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