BOOST MEDIA INTERNATIONAL P.LTD,KOLKATA vs. DCIT, CIRCLE-1(!)(2), INTERNATIONAL TAXATION, NEW DELHI

Date of hearing 02.08.2023 Date of pronouncement 10.08.2023 ORDER ��������������������������������� � This is an appeal by the assessee against order dated 27.07.2022 passed by learned Commissioner of Income-Tax(Appeals), Delhi-42 for the assessment year 2014-15. 2. We have heard the parties and perused the material available on record.

2 /Del/2022 Assessment Yr: 2014-15 � 3. The dispute in the present appeal is in relation to non-grant of TDS to the extent of Rs.47,83,554. It is the contention of the assessee that in the year under consideration, it has received payment of Rs.11,83,98,431 on which tax amounting to Rs.1,74,37,335 was deducted at source. Whereas, the Assessing Officer has allowed credit for an amount of Rs.1,27,33,751 only.

3 /Del/2022 Assessment Yr: 2014-15 � 5. From the computation of income as reproduced above, it is observed that the assessee has raised invoice of Rs.12.61,60,687 and received payment of Rs.11,83,98,431 on which TDS amounting to Rs.1,74,37,335 was deducted. While disposing of the rectification application filed by the assessee under Section 154 of the Income-Tax Act, 1961, the Assessing Officer has granted TDS credit of Rs.1,27,33,751 by stating that as per the profit and loss account, the assessee has disclosed receipts of Rs.9,18,56,817. In our view, the aforesaid approach of the Assessing Officer cannot be accepted. The computation of taxable income clearly indicates that the assessee has shown income of Rs.12,61,50,687, though, it has received payment of Rs.11,83,98,431 on which TDS of Rs.1,74,37,335 has been withheld. Therefore, the assessee remains entitled for credit of TDS actually deducted subject to, condition that corresponding income has been offered to tax.