CREDENCE PROPERTY DEVELOPERS PVT. LTD.,MUMBAI vs. DCIT - CC -2(4), MUMBAI

ITA 3574/MUM/2018Status: DisposedITAT Mumbai22 November 2022AY 2014-154 pages

AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found substance in the assessee's submission that the income was offered in AY 2020-21 upon project completion. The issue was remanded to the AO to grant TDS credit if the sale amount was offered as income in AY 2020-21.

What were the facts?

The assessee declared Nil income for AY 2014-15 and was denied TDS credit of Rs. 1,68,318/-. The assessee received an advance for property sale, which was not offered as income in AY 2014-15 due to the project not being complete.

What were the issues?

Whether TDS credit can be granted for an assessment year when the corresponding income was offered in a subsequent assessment year due to project completion.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI ABY T. VARKEY, JM & SHRI S. RIFAUR RAHMAN, AM

For Appellant: Shri Yogesh Joijode

Hearing: 01/11/2022Pronounced: 22/11/2022

आदेश की प्रनिनलनि अग्रेनर्ि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त(अपील) / The CIT(A)-

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