SRI. PAKIRAPPA vs. DCIT,

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ITA 54/BANG/2014Status: DisposedITAT Bangalore13 April 2018AY 2004-054 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal directed the Assessing Officer to allow the set-off of accumulated MAT credit and to provide full credit for TDS and advance tax, after due verification and in accordance with the law.

What were the facts?

The assessee's appeals were partially adjudicated, with certain grounds remaining to be addressed. These included the non-grant of set-off for accumulated MAT credit and short credit for TDS and advance tax.

What were the issues?

Whether the assessee is entitled to set-off of accumulated MAT credit and full credit for TDS and advance tax.

Which sections of the Income-tax Act were involved?

Section 90

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH : BANGALORE

Before: SHRI SUNIL KUMAR YADAV & SHRI INTURI RAMA RAO

For Appellant: Shri Saptarishi Basu, CA
For Respondent: Ms. Neera Malhotra, CIT(DR)
Hearing: 09.04.2018Pronounced: 13.04.2018

O R D E R Per Sunil Kumar Yadav, Judicial Member These appeals are preferred by the assessee against the respective order of the CIT(Appeals). The appeals were heard and disposed of by the Tribunal vide its order dated 21.09.2016. Thereafter miscellaneous applications were filed on the ground that certain issues raised before the Tribunal are not adjudicated. The miscellaneous applications were also disposed of by the Tribunal vide its order dated 15.01.2017. While disposing of the miscellaneous applications, the Tribunal has held that IT(TP)A Nos.54 & 56/Bang/2014 Page 2 of 4 ground No.9 in IT(TP)A No.54/Bang/2014 remained to be adjudicated. Similarly, ground Nos.9 to 11 in IT(TP)A 56/Bang/2014 also remained to be adjudicated. The Tribunal accordingly directed that both these appeals be listed for hearing on ground No.9 in IT(TP)A No.54/Bang/2014 and ground Nos.9 to 11 in IT(TP)A 56/Bang/2014. Accordingly these appeals are heard on these limited grounds.

IT(TP)A No.54/Bang/2014

2.

In this appeal ground No.9 relates to non-grant of set off of accumulated Minimum Alternate Tax (MAT) credit. The ground raised by the assessee is extracted hereunder:-

The learned AO erred in not granting the set-off of MAT credit entitlement amounting to Rs.3,011,586 brought forward from earlier years against the tax payable under the normal provisions of the Income Tax Act, 1961 (‘the Act’).

3.

During the course of hearing, the ld. Counsel for the assessee has contended that after giving effect to the order of the Tribunal, if an assessed income requires a credit of accumulated MAT, the same be allowed in accordance with law. This argument was not objected to by the revenue. Accordingly, we restore the matter to the AO with a direction to allow the set off of MAT credit entitlement brought forward from earlier years to total income computed, consequent to the order of the Tribunal in accordance with the law.

IT(TP)A No.56/Bang/2014 4. In this appeal, ground Nos.9 to 11 remained to be adjudicated by the Tribunal. For the sake of reference, we extract ground Nos.9 to 11 as under:-

IT(TP)A Nos.54 & 56/Bang/2014 Page 3 of 4 “9. Short credit for taxes deducted at source (‘TDS’) The learned AO erred in granting short credit of taxes deducted at source by an amount of Rs.1,746,675.

10.

Short credit of advance tax The learned AO erred in granting short credit towards advance tax to the extent of Rs.43,450,000.

11.

Non-grant of relief under section 90 of the Act in respect of credit for taxes paid in foreign currency The learned AO erred in not granting the relief under section 90 of the Act in respect of taxes paid in foreign currency amounting to Rs.3,101,634.”

5.

In this regard, the ld. Counsel for the assessee has submitted that assessee is not given the credit of full TDS. Therefore, the matter may be restored back to the AO to give full credit of TDS to the assessee. The ld. DR did not dispute this factual aspect. Accordingly we direct the AO to give full credit of TDS in accordance with the law after making due verification.

6.

In the result, the appeal of the assessee is allowed on these grounds for statistical purposes.

Pronounced in the open court on this 13th day of April, 2018.

Sd/- Sd/- ( INTURI RAMA RAO ) ( SUNIL KUMAR YADAV) Accountant Member Judicial Member Bangalore, Dated, the 13th April, 2018.

/ Desai Smurthy /

IT(TP)A Nos.54 & 56/Bang/2014 Page 4 of 4

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