Tribunal held that\u00a0 according to the provisions of S. 219 tax credit on account of tax deduction at source was available in respect of the corresponding income offered to tax by the assessee. Although tax at source was deducted on the amount which was received by the assessee as mobilisation advance and the amount had to be recognised as income of the assessee in the subsequent year due to the succession of business of the assessee\u2019s partnership by the company the tax deduction at source in the name of the assessee would not automatically available for credit to the company. Accordingly, the Assessing Officer was to allow the credit of the tax deduction at source available in the account of the assessee which had ceased to exist due to the succession of the business activity by the company in the subsequent year whenever the receipt or part of the receipt was recognised as income by the company (AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 219 :Credit for advance tax \u2013Succession of business – Receipt on account of Mobilisation advance under work order when assessee was partnership \u2014 Succession by Company \u2014 Credit should be given to the assessee in subsequent year whenever receipt or part of receipt recognised as income by Company.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1959","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-vB","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1959"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1959\/revisions"}],"predecessor-version":[{"id":2747,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1959\/revisions\/2747"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}