IMPERIAL PROCUREMENT SERVICES LTD,MUMBAI vs. ITO 5(1)(4), MUMBAI

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ITA 6674/MUM/2014Status: DisposedITAT Mumbai10 February 2017AY 2010-1113 pages
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What did the Tribunal hold?

The Tribunal held that if an amount on which TDS has been deducted is not chargeable to tax, the assessee is entitled to credit for the TDS. Since the contract was cancelled and no income accrued to the assessee, the AO was directed to grant the TDS credit.

What were the facts?

The assessee claimed TDS credit of Rs. 5,68,84,546/-. The Assessing Officer (AO) withdrew this credit as the assessee had not offered the corresponding income for taxation. The assessee contended that the amount received was an advance for a contract that was later cancelled, making the amount refundable and thus not taxable.

What were the issues?

Whether TDS credit can be denied if the income on which TDS was deducted is not offered for taxation due to cancellation of contract and refundability of the amount.

Which sections of the Income-tax Act were involved?

Section 14A,Section 143(1),Section 143(3),Section 194J,Section 199

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Income Tax Appellate Tribunal, MUMBAI BENCH “I”, MUMBAI

Before: SHRI RAJENDRA & SHRI CN PRASAD

For Appellant: Shri Nitesh S Joshi
Hearing: 15/11/2016Pronounced: 10/02/2017

आदेश की प्रधिधलधप अग्रेधिि / Copy of the Order forwarded to :

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