Anshul Anil Goel Vs DCIT (ITAT Pune)
ITAT Pune held that since income of minor child is clubbed in the hands of assessee, TCS collected on the same needs to be credited in the hands of assessee. Accordingly, assessee cannot be deprived from the credit of TCS. Thus, appeal allowed.
Facts- During the year under consideration, the minor son of the assessee namely Master Nishkarsh Goel made a foreign investment on which the TCS was collected by the bank and form 27D was also issued by the bank. Since the entire income of the minor son of the assessee was required to be clubbed in the hands of the assessee, the assessee clubbed the income earned by the minor and also the foreign investment made by him in his return of income. Accordingly, the TCS collected in the name of the minor was also claimed by the assessee. However, the CPC while processing the ITR u/s 143(1) of the Income Tax Act, 1961 denied the claim of TCS collected in the hands of the minor child and accordingly raised a demand of Rs.10,29,700/-.
Addl./JCIT(A) was not satisfied with the arguments advanced by the assessee and rejected the claim of the TCS credit of Rs.9,50,200/-. Being aggrieved, the present appeal is filed.
