TDS Credit Allowable Despite Capitalised Interest Reduction from CWIP: ITAT Delhi

Powergrid Rampur Sambhal Transmission Limited Vs ITO (ITAT Delhi) TDS Credit Cannot Be Denied for Capitalised Interest: ITAT Allows Credit Despite Income Reduced from CWIP The Delhi Bench ‘E’ of the ITAT, in Powergrid Rampur Sambhal Transmission Ltd. v. ITO (AY 2022-23), held that TDS credit cannot be denied merely because the corresponding income was not offered to tax in the Profit & Loss Account, where such income was capital in nature and reduced from Capital Work-in-Progress (CWIP). The assessee, engaged in a transmission project under construction, had advanced funds to contracto...