DEEPAK MUNILALJI HIRANI,MUMBAI vs. CENTRAL CIRCLE 2, THANE

ITA 2036/PUN/2024Status: DisposedITAT Pune12 November 2024AY 2023-24Bench: DR.MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)4 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the CIT(A)'s decision was unsustainable as it ignored the gross interest received and the TDS deducted thereon. The Tribunal directed the Assessing Officer to allow the full TDS claim.

What were the facts?

The assessee showed net interest income in the return, leading to a dispute over TDS credit. The Assessing Officer and CIT(A) restricted TDS credit based on the net income shown, despite TDS being deducted on gross interest received.

What were the issues?

Whether TDS credit can be restricted based on net income shown when TDS was deducted on gross income, and whether a technical error in filing the return should deny legitimate TDS credit.

Which sections of the Income-tax Act were involved?

Section 154,Section 250,Section 57(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCHES “B”, PUNE

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Respondent: Shri Arvind Desai
Hearing: 06.11.2024Pronounced: 12.11.2024

PER DR.MANISH BORAD, ACCOUNTANT MEMBER:

This appeal filed by the assessee pertaining to the Assessment Year (in short "AY") 2023-24 is directed against the order passed u/s.250 of the Income Tax Act, 1961 [in short “the Act"] by the ld.CIT(A), Pune-11, dated 29.07.2024 arising out of the Rectification order passed u/s.154 of the Act, dated 30.01.2024. 2. Assessee has raised following grounds of appeal :

“1. On the facts and in the circumstances of the case and in law, the Ld AO erred in passing an order u/s.154 of the Income Tax Act, 1961 by not giving the full credit of prepaid taxes and consequently raising a demand of Rs.12,790/- and the reasons for doing

The order continues below.

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