DCIT-2(1)(1), MUMBAI, MUMBAI vs. INCRED FINANCIAL SERVICES LIMITED, MUMBAI

ITA 4703/MUM/2025Status: DisposedITAT Mumbai10 February 2026AY 2021-22Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI SANDEEP SINGH KARHAIL (Judicial Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s direction to grant TDS credit after necessary verification. It noted that the CIT(A) did not grant outright credit but directed it after verification of claims and evidence, including indemnity bonds. The Tribunal found no infirmity in this approach, as it required verification before credit issuance.

What were the facts?

The Revenue filed an appeal against the order of the CIT(A) who directed the Assessing Officer to allow TDS credit, even if not reflected in Form 26AS, upon the assessee providing evidence and an indemnity bond. The assessee had claimed TDS credit of INR 22,20,37,534, but only INR 20,61,49,733 was granted, resulting in a short grant of INR 1,68,87,801.

What were the issues?

Whether TDS credit can be allowed to the assessee even if the TDS deducted is not reflected in Form 26AS, based on the assessee's claim and indemnity bond, without ensuring actual deposit of tax by the deductor.

Which sections of the Income-tax Act were involved?

Section 250,Section 199(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI VIKRAM SINGH YADAVSHRI SANDEEP SINGH KARHAIL

For Appellant: Shri Madhur Agrawal a/w, Mr Punit Shah
For Respondent: Shri Virabhadra Mahajan, Sr. DR

Heard together (2 matters)

CO No. 269/MUM/2025
ITA No. 4703/Mum/2025

Read from the judgment's own cause title. This page is filed under one of them.

PER SANDEEP SINGH KARHAIL, J.M.

The present appeal by the Revenue and cross-objection by the assessee has been filed against the impugned order dated 27/03/2025, passed under section 250 of the Income Tax Act, 1961 (“the Act”), by the learned Addition

The order continues below.

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