The assessee had offered interest on RBI Bonds on an accrual basis over several assessment years and paid tax accordingly. The Tribunal held that once such income had been accepted by the Department, the assessee was entitled to proportionate credit of the TDS, including TDS deducted on maturity of the bonds, after verification under Rule 37BA. (AY. 2023-24).
Surbhi Anand v. ACIT (2025) 238 TTJ 672 / 179 taxmann.com 609 (Agra)(Trib.)
S. 199: Deduction at source-Credit for tax deducted-Assessee offering interest on RBI Bonds on an accrual basis is entitled to proportionate TDS credit. [S. 145, R. 37BA]
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