M/S SARASWATI PROPERTIES LIMITED ,BAREILLY vs. DCIT, CENTRAL CIRCLE-2, KANPUR

ITA 699/LKW/2025Status: DisposedITAT Lucknow19 May 2026AY 2020-214 pages
AI SummaryPartly Allowed

What were the facts?

The assessee claimed credit for tax paid on buyback of shares, which was not fully granted in the intimation under section 143(1). The assessee's application for rectification under section 154 was rejected, and the subsequent appeal to the CIT(A) was also dismissed.

What did the Tribunal hold?

The Tribunal directed the Assessing Officer to grant credit for prepaid taxes after due verification. The appeal was disposed of in accordance with these directions.

What were the issues?

Whether the assessee is entitled to credit for tax paid on buyback of shares, and whether such credit can be adjusted against regular income tax demand.

Which sections of the Income-tax Act were involved?

Section 115QA,Section 143(1),Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH ‘B’, LUCKNOW

Before: SHRI KUL BHARAT, VICE- & SHRI ANADEE NATH MISSHRA

For Appellant: Shri Akshay Gupta, CA

PER ANADEE NATH MISSHRA:A.M.

(A) This appeal has been filed by the assessee against the impugned appellate order of learned CIT(A)-2, Kanpur, dated 08.08.2025, for the AY 2020-21. The assessee has raised the following grounds of appeal:

“1. The learned CIT (Appeals) has erred in law and on facts to confirm the disallowance of the credit of Rs. 12,68,468/- Tax Paid on account of buyback of shares in terms of section 115 QA of the Act inspite of credit in Form 26AS and the challan for payment on record.

2.

The learned CIT (Appeals) could not appreciate the facts of the case and has erred on facts and in law to held that the tax paid under section 115 QA can not be adjusted against the regular income tax d

The order continues below.

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