Piramal Investment Opportunities Fund vs. The ACIT-(21)(2)

Parties Involved

Facts Summary

The assessee, Piramal Investment Opportunities Fund, is a category-II alternate investment fund registered with Securities and Exchange Board of India. The assessee filed its return of income for the assessment year 2014-15 declaring a total income of Rs.10,17,42,430/-. The assessee was selected for scrutiny and statutory notices under the Income-tax Act, 1961 were issued and complied with. In the course of scrutiny proceedings, the Assessing Officer observed that the assessee claimed tax deducted at source (TDS) amounting to Rs.26,41,810/-, but the same was not reflecting in the Form No. 26AS related to the assessee. The assessee explained that the corresponding interest income amounting to Rs.10,53,10,190/- was offered in the return of income filed by the assessee, but the deductors had deducted tax in the hands of the beneficiaries namely Piramal Enterprises Ltd., Piramal Investment Advisory Services Pvt. Ltd. and PHL Capital Pvt. Ltd. The assessee submitted that credit of the said TDS has not been claimed by them and therefore, the assessee should be allowed the said credit. However, no benefit of the relevant TDS amount of Rs.26,41,810/- was appearing in the Form No. 26AS of the assessee, accordingly the Assessing Officer declined the credit in the hands of the assessee.…

Legal Issues

• 1. Whether the assessee is eligible for TDS credit amounting to Rs. 26,41,810/-?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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