NICAI UPdate
CA Raj Chawla
Quotes of the day,
1. Don't ever Give Up. The Beginning of the Path to SUCCESS is always the Hardest. Life Rewards those who WORK HARD for it. Remember FAIL is nothing but First Attempt
In Learning.
2. Your competitors can copy your work, your style or your procedure. But none can copy your passion. If you hold it firmly, the world is yours. Be passionate.
NICAI Update:
1. ITAT Mumbai held that TDS credit duly reflected in Form 26AS cannot be denied just because of some procedural lapse. Accordingly, order is set aside and the present appeal is allowed.
2. Facts- This appeal is filed by the appellant/ assessee against the order of Commissioner of Income Tax (Appeals) / National Faceless Appeal Centre (NFAC), Delhi, passed under section 250 of the Income Tax Act, 1961 dated 10.06.2025 for the A.Y. 2013-14, wherein denial of TDS credit by the AO vide order giving effect dated 29.05.2023 was confirmed by the Ld. CIT(A) on the ground that there was no valid claim made in the return of income regarding additional TDS claim.
3. Conclusion- Held that it is statutory as well as constitutional obligation of the revenue to give the TDS credit duly reflected in Form 26AS and the claim of the assessee cannot be denied just because of some procedural lapse on his part and in the light of various provision of the Income Tax Act, the assessee has to be granted TDS credit, deducted and deposited before finalizing the assessment. Admittedly in this case the assessee has made a claim for getting tax credit of TDS amounting to Rs. 73,24,074/-at the time of order giving effect by the AO which is nothing but the finalization of the original assessment proceedings.
4. Therefore, we are of the considered opinion that the assessee has made the claim during the assessment proceedings which AO was duty bound to consider and allow the TDS amount credit. Thus, we are of the considered opinion that the Assessing Officer has unjustifiably denied credit of the TDS amount and the same should have been refunded at the earliest by the AO as the same has been reflected in Form 26AS from the beginning at the time of completion of assessment proceedings. Therefore, the impugned order suffers from illegality and is not sustainable and is accordingly set aside.
5. Insolvency Bankruptcy Board of India has launched a set of revised electronic forms for the liquidation process to reduce the compliance burden on insolvency professionals and improve the quality of regulatory filings. The move came after the Insolvency Bankruptcy Board of India (IBBI) had notified amendments on January 2 to the IBBI (Liquidation Process) Regulations, 2016, which mandate that insolvency professionals file the forms, along with enclosures, on the regulator's electronic platform within prescribed timelines.
6. In a circular issued on Monday, IBBI said the existing liquidation forms were comprehensively revised to eliminate duplication, rationalising data requirements and leveraging technology for auto-population of information already available on the portal. The regulator added that these revisions are expected to significantly reduce the time and effort required for compliance while continuing to ensure that the Board receives all essential information in a timely manner.
7. For getting more updates on job vacancies by employers and employees Kindly join our page CA Job Network https://www.facebook.com/groups/200820690083153
With best regards
CA (Dr) Raj Chawla
B.Com (Hons), FCA, FCS, FCMA, LLB
MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)
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