TCS Credit Cannot Be Denied for Default of Collector: ITAT Pune

Amit Ashok Chandwani Vs DCIT (ITAT Pune) TCS Credit Cannot Be Denied for Default of Collector — Section 205 Bar Applies The Pune Bench of the ITAT held that credit of Tax Collected at Source (TCS) cannot be denied to the assessee merely because the collector failed to deposit the same into the Government treasury. The Tribunal recorded a categorical finding that the TCS amount was actually collected from the assessee and separately charged in the sale bills, and the assessee had substantiated the payment through bank statements and documentary evidence. Relying on Section 205 of the Income-t...