SPACE DEVELOPERS,AHMEDABAD vs. THE ITO, WARD-1(1)(3), AHMEDABAD

ITA 1737/AHD/2024Status: DisposedITAT Ahmedabad19 November 2024AY 2023-24Bench: SMT.ANNAPURNA GUPTA (Accountant Member), SHRI T.R. SENTHIL KUMAR (Judicial Member)8 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal upheld the restriction of TDS credit for the current assessment year, as per Section 199 and Rule 37BA. However, it directed the AO to grant the appropriate TDS credit in the respective preceding assessment years where the income was already offered to tax.

What were the facts?

The assessee claimed TDS credit of Rs. 5,24,600/-. The CPC restricted this credit to Rs. 4,07,968/- based on the proportion of income returned to tax, as the TDS was deducted on income spread across multiple assessment years. The assessee argued that the entire income corresponding to TDS was taxed.

What were the issues?

Whether TDS credit can be restricted to the income returned in the current assessment year when the TDS pertains to income offered in multiple years. Whether TDS credit should be allowed in the assessment year in which the income is offered to tax.

Which sections of the Income-tax Act were involved?

Section 199,Section 143(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “ SMC ” BENCH, AHMEDABAD

Before: SMT.ANNAPURNA GUPTA & SHRI T.R. SENTHIL KUMAR

For Appellant: Shri Sakar Sharma, AR
Hearing: 11/11/2024Pronounced: 19/11/2024

PER ANNAPURNA GUPTA, ACCOUNTANT MEMBER

The above appeal has been filed by the assessee against the order passed by the Ld.Commissioner of Income-Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as “Ld.CIT(A)] dated 09.08.2024 under section 250 of the Income Tax Act, 1961 ("the Act" for short) pertaining to Assessment Year (AY) 2023-2024. 2. The short issue arising in the present appeal for our adjudication relates to denial of credit of tax deducted at source(TDS) AY : 2023-24 2 in the intimation made to the assessee in terms of the p

The order continues below.

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