Held that if the income had been offered by the assessee following the percentage completion method, in the current year or in any earlier year, while tax had been deducted subsequently by the buyer at the time of execution of sale deed and the assessee was able to produce the requisite certificates to substantiate that tax had been deducted on the income which had been offered to tax by the assessee and the assessee was able to correlate the income offered to tax with the tax deducted, credit for the tax so deducted should be allowed to the assessee. Thus, matter was remanded for verification (AY. 2018-19, 2019-20).
Neelkanth Developers v. Asst. DIT (2023) 101 ITR 44 (SN) (Ahd.) (Trib.)
S. 194IA : Deduction at source-Immoveable property-Assessee in business of real estate-Percentage Completion Method-Tax deducted by buyer at the time of execution of deed-Assessee to produce certificates to substantiate tax deducted on income offered in earlier or current year-AO to carry out necessary verification-Matter remanded to lower authority.[S. 145]