TDS Credit eligible in Assessment Year Corresponding to Income Assessment

Archean Realty P. Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that as per the provisions of Sec.199(3) of the Act r.w.r.37BA(1) of the Income Tax Rules, 1962, credit for TDS shall be given for assessment year for which such income is assessable. Facts- During the course of assessment proceedings, it is seen from the P&L A/c that the assessee company had debited a sum of Rs.14.77 Crs. towards loss on sale of land and disallowed the same in the statement of computation of total income. It was further noted that the assessee had claimed long term capital loss of Rs.19,94,46,822/- towards sa...