Income Declaration Scheme, 2016 (2016) 384 ITR 87 (St).Finance Act, 2016 (2016) 384 ITR 1 (St)
S. 182 : Return of income-Advance tax credit under Income Declaration Scheme, 2016-Assessee declaring undisclosed income under IDS, 2016 sought adjustment of advance tax and TDS already paid against liability-CBDT allowed credit of TDS but denied advance tax-High held that such denial is arbitrary and discriminatory and directed to grant credit for both-Supreme Court dismissed Revenue’s SLP-Held, taxes already paid, including advance tax, must be adjusted against IDS liability. [Income-tax Act, 1961, 139, 210, Art. 136]
Dismissing the Revenue’s SLP, Hon’ble Supreme Court affirming High Court’s decision held that the assessee was entitled to credit of both advance tax and TDS against the liability under the Income Declaration Scheme, 2016 as denial of advance tax credit while allowing TDS credit was held arbitrary and contrary to the statutory scheme of tax payment.
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