What did the Tribunal hold?

The Tribunal held that the assessee is entitled to credit for the TDS deducted on interest income. The issue was restored to the AO for verification and to grant the credit after providing a hearing opportunity.

The assessee claimed credit for TDS deducted on interest income from fixed deposits, which was duly reflected in their income and expenditure account and return of income. The Assessing Officer (AO) did not grant this credit.

What were the issues?

Whether the assessee is entitled to credit for TDS deducted on interest income when it is duly reflected in the financial statements and return of income.

Seth Shankardas Tikmany… vs ITO | ITAT Kolkata 2026

Income Tax Appellate Tribunal, “D” BENCH: KOLKATA

Before: Shri Rajesh Kumar & Shri Pradip Kumar Choubey]

आयकर अपील�य अ�धकरण, कोलकाता पीठ “डी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH: KOLKATA �ी राजेश कुमार, लेखा सट�य एवं �ी �द�प कुमार चौबे, �या�यक सद�य के सम� [Before Shri Rajesh Kumar, Accountant Member & Shri Pradip Kumar Choubey, Judicial Member] I.T.A. No. 510/Kol/2026 Assessment Year: 2020-21 Seth Shankardas Tikmany Vs. ITO, Ward-1(3), Exemption, Kolkata Charitable Trust

(PAN: AAGTS 8124 D) ( अपीलाथ� ) Respondent / ��यथ� Appellant / Date of Hearing / सुनवाई 11.05.2026 क� �त�थ Date of Pronouncement/ 20.05.2026 आदेश उ�घोषणा क� �त�थ For the Appellant/ Shri Siddharth Jhajharia, FCA �नधा�रती क� ओर से For the Respondent/ Shri Naman Garg, CIT राज�व क� ओर से

ORDER / आदेश Per Rajesh Kumar, AM: This is an appeal preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals)- Addl/JCIT(A)-1, Pune (hereinafter referred to as the “Ld. CIT(A)”] dated 19.01.2026 for the AY 2020-21. 2. The only issue raised during the course of hearing by the Counsel of the assessee is against the order of Ld. CIT(A) not directing the AO to grant the credit TDS deducted at source from the interest income which has duly been shown in the income and expenditure account and also in the return of income.

2 I.T.A. No.510/Kol/2026 Assessment Year: 2020-21 Seth Shankardas Tikmany Charitable Trust 3. The Ld. A.R took us through the page 6 of the Paper Book which is income and expenditure account for the year ended on 31.03.2020 showing interest received by the assessee on fixed deposit of Rs. 5,22,742/- on which TDS has deducted. The Ld. A.R prayed that since the said TDS has not been allowed by the AO , therefore the issue may be restored to the file of the AO for necessary verification and for allowing credit of TDS deducted on interest of FDR.

The Ld. D.R on the other hand relied heavily on the order of lower authorities.

After hearing the rival contentions and perusing the material on record, we are of the view that the assessee has to be given credit for the TDS deducted from the interest on fixed deposit which has duly been shown in the return of income and financial accounts. Therefore, in the interest of justice, we restore the issue back to the file of AO for verification and allowing credit to the assessee after affording a reasonable opportunity of hearing. In the result, the appeal of the assessee is allowed for statistical purposes. 6. Order is pronounced in the open court on 20th May, 2026

Sd/- Sd/- (Pradip Kumar Choubey /�द�प कुमार चौबे) (Rajesh Kumar/राजेश कुमार) Judicial Member/�या�यक सद�य Accountant Member/लेखा सद�य Dated: 20th May, 2026 SM, Sr. PS

3 I.T.A. No.510/Kol/2026 Assessment Year: 2020-21 Seth Shankardas Tikmany Charitable Trust

Copy of the order forwarded to: 1. Appellant- Seth Shankardas Tikmany Charitable Trust, 2, Rowland Road, Kolkata-700020 2. Respondent – ITO, Ward-1(3), Exemption 3. Ld. CIT(A)- Addl/JCIT(A)-1, Pune 4. Ld. Pr. CIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail)

SETH SHANKARDAS TIKMANY CHARITABLE TRUST,KOLKATA vs. INCOME TAX OFFICER WARD 1(3) EXEMPTION, KOLKATA

What did the Tribunal hold?

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