Tribunal held that the Commissioner (Appeals) had followed the relevant provisions of section 199 of the Income-tax Act, 1961 read with rule 37BA(3) of the Income-tax Rules, 1962 which specify that credit of the tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income was assessable. Therefore the Assessing Officer was directed to restrict the credit of tax deduction at source corresponding to the income offered by the assessee.( AY.2012-13)
ITO v. Orient Craft Fashion Institute Of Technology (P.) Ltd. (2020) 78 ITR 10 (SN) (Delhi) (Trib)
S. 199 : Deduction at source – Credit for tax deducted – Percentage completion method- Offering income as and when accrued – Principle of consistency — Deferred income not liable to tax- Assessing Officer directed to restrict credit of tax deduction at source corresponding to income offered by assessee. [ S.145 ,R. 37BBA(3) ]