RAINBOW PROMOTORS P.LTD,NEW DELHI vs. ITO, WARD 21(1), NEW DELHI

ITA 1906/DEL/2023Status: DisposedITAT Delhi23 November 2023AY 2018-19Bench: SHRI PRADIP KUMAR KEDIA (Accountant Member)3 pages
AI SummaryAllowed

What did the Tribunal hold?

The tribunal found merit in the assessee's plea to grant TDS credit in AY 2018-19, as the sale deed was executed in that year, and the revenue did not demonstrate any prejudice. The AO was directed to grant the credit.

What were the facts?

The assessee claimed TDS credit of Rs. 80,94,869/- for AY 2018-19, which was deducted on deferred sale consideration. This TDS was reflected in Form 26AS for AY 2019-20, not AY 2018-19.

What were the issues?

Whether TDS credit can be claimed in the year of sale execution and income declaration, even if the TDS is reflected in a subsequent assessment year's Form 26AS.

Which sections of the Income-tax Act were involved?

Section 199

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “SMC” DELHI

Before: SHRI PRADIP KUMAR KEDIA

For Appellant: Shri Ajay Bhagwani, CA
For Respondent: Shri Om Prakash, Sr.DR

PER PRADIP KUMAR KEDIA-A.M. : The captioned appeal has been filed by the assessee against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (‘CIT(A)’ in short) dated 27.04.2023 arising from the assessment order dated 08.02.2021 passed by the Assessing Officer (AO) under Section 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2018-19. 2. The ld. counsel for the assessee submits that as per the appeal memo, the assessee seeks remedy against the denial of TDS credit of Rs.80,94,869/- in the Assessment Year 2018-19 in question. The assessee, in short, seeks credit for TDS not reflected in Form 26AS for AY 2018-19 but is reflected in AY 2019-20. To support such claim, the ld. counsel

The order continues below.

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