TMI Blog2022 (12) TMI 1279X X X X Extracts X X X X X X X X Extracts X X X X ..... any of the earlier previous years. The buyer/purchase of property deducted tax only at the time of execution of sale deed, while the corresponding income has been offered to tax by the assessee either during the current year or in any of the prior years by the assessee following the percentage completion method. Accordingly, in the above facts, the matter is being restored to the file of AO to carry out the necessary verification in respect of income offered to tax and the corresponding TDS for which credit is being claimed and TDS credit may be allowed after carrying out the necessary verification in the year when TDS has been deducted - subject to the assessee producing the correlation that such income has been offered to tax either ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming order u/s 143(1), disallowing TDS credit on contentious ground. 3 On the facts and circumstances of the case as well as law on the subject, the learned commissioner of Income-Tax (Appeals) has erred in not dealing with appellant's contention that in case of percentage completion method, exact correlation between amount offered for the tax for the year and TDS for the year cannot be correlated. 4 On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income-Tax (Appeals) has erred in confirming interest charged by assessing officer u/s. 234B of the Act. 81,351/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeals) has erred in confirming order u/s 143(1), disallowing TDS credit on contentious ground. 3 On the facts and circumstances of the case as well as law on the subject, the learned commissioner of Income-Tax (Appeals) has erred in not dealing with appellant's contention that in case of percentage completion method, exact correlation between amount offered for the tax for the year and TDS for the year cannot be correlated. 4 On the facts and circumstances of the case as well as law on the subject, the learned Commissioner of Income-Tax (Appeals) has erred in confirming interest charged by assessing officer u/s. 234B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no discrepancy in the TDS credit claimed while filing the return of income. The counsel for the assessee further submitted that when a particular income is received by the assessee after deduction of TDS and the said TDS has been duly deposited with the Government and the assessee has received the requisite certificate to this effect, then on production of such certificate, assessee becomes entitled to credit of TDS, even if the assessee has not directly offered the said income to tax. In support of the contention, the counsel for the assessee placed reliance on certain judicial precedents in support. In response, DR placed reliance upon the orders passed by the AO and Ld. CIT(Appeals) respectively. 4. We have heard the rival co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce income is being offered to tax following the percent completion method while TDS was deducted at the time of education of sale deed, the income presumably would be offered to tax either in the same year or in any of the earlier years) and the assessee is able to correlate the income offered to tax with the TDS deducted, the assessee is eligible for credit of TDS. In the case of Supreme Renewable Energy Ltd.[2010] 124 ITD 394 (Chennai) , ITAT held that when a particular income is received by assessee after deduction of tax at source and said TDS has been duly deposited with Government and assessee has received requisite certificate to this effect, then on production of said certificate assessee becomes entitled to credit of TDS, even if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me has been offered in tax either during the current year or any of the earlier previous years. In the instant facts, the buyer/purchase of property deducted tax only at the time of execution of sale deed, while the corresponding income has been offered to tax by the assessee either during the current year or in any of the prior years by the assessee following the percentage completion method. Accordingly, in the above facts, the matter is being restored to the file of AO to carry out the necessary verification in respect of income offered to tax and the corresponding TDS for which credit is being claimed and TDS credit may be allowed after carrying out the necessary verification in the year when TDS has been deducted- subject to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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