TMI Blog2022 (6) TMI 1351X X X X Extracts X X X X X X X X Extracts X X X X ..... ough the licence for the said business was in the name of Mrs. Pramila P. Rai - HELD THAT:- The issue requires to be set aside to the AO for examination afresh in the light of the outcome before the Central Excise authorities for transfer of excise licence from Mrs. Pramila P. Rai to the assessee. AO can take necessary safeguards to ensure that the interest of the Revenue is not affected or prejudiced in any manner. We therefore, set aside the issue of grant of credit of TCS to the AO for examination afresh on the lines indicated above. Appeal of the assessee is treated as allowed for statistical purposes. - ITA No. 681/Bang/2021 - - - Dated:- 13-6-2022 - Shri N. V. Vasudevan, Vice President For the Assessee : Shri. Srinivas Kamath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s rejected by the AO as well as the CIT(A) for the reaon that as per the procedure for claiming credit for TCS laid down in Rule 37-I of the I. T. Rules read with section 206C(4) of the I. T. Act, credit can be given only for Mrs.Pramila Rai and not the Assessee. The relevant provisions of Sec.206C(4) and Rule 37-I of the Income Tax Rules, 1962 (Rules) reads as under: Section 206C(4) reads as under: Any amount collected in accordance with the provisions of this section and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to such person for the amount so collected in a particular assessment year in accordanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t claimed by two persons. It was his submission that Mrs. Pramila P. Rai as well as the assesee are assessed by the same AO and if the licence is ultimately transferred in the name of the assessee, the assessee would be lawfully entitled to claim credit for TCS. It was also pointed out that in Assessment Year 2017-18, the CIT(A), Mangaluru, in ITA No.10428/Mng/CIT(A)Mng/2017-18 by his order dated 26.10.2018 allowed credit for TCS accepting the submissions of the assessee by following his predecessors order for Assessment Year 2016-17 allowing credit for TCS in favour of the assessee. The learned DR, on the other hand, submitted that the statutory provisions do not contemplate giving credit for TCS in the name of a third party. 6. I have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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