GEOJIT FINANCIAL SERVICES LIMITED,ERNAKULAM V. DCIT CORPORATE CIR 1(1), KOCHI

ITA 254/COCH/2025

AI Insights

The case involves Geojit Financial Services Limited, which appealed against the order of the CIT(A) concerning a short credit of TDS and Advance Tax for the Assessment Year 2022-23. The appellant argued that the CIT(A) failed to adjudicate on the short credit of TDS amounting to Rs. 11,89,488 and that the CPC/AO unjustifiably denied the credit for TDS without assigning reasons. The respondent supported the lower authorities' decisions, asserting that they had passed reasoned orders. The Tribunal found that the CIT(A) had indeed failed to address the specific grounds of appeal related to the credit of TDS and Advance Tax of Rs. 11,45,253 and remanded the issue back to the CIT(A) for proper adjudication.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 711826 (ITAT-COCHIN)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-07-2025
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Assessment Year: 2022-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: LEENA LAL
• Assessee Lawyers: GOPI K
• Keywords: TDS

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SONJOY SARMA, JM ITA No.254/Coch/2025 Assessment Year: 2022-23 Geojit Financial Services Limited .......... Appellant 3rd Floor, 34/659 P ,Civil Line Road, Edapally SO,Thrikkakara North (Part), Ernakulam-682024, Kerala. PAN: AABCG1935E vs. DCIT .......... Respondent Corporate Circle-1(1), Kochi. Appellant by: Shri Gopi K, CA Respondent by: Smt. Leena Lal, Sr. D.R. Date of Hearing: 02.06.2025 Date of Pronouncement: 22.07.2025 O R D E R Per: Inturi Rama Rao, AM This appeal filed by the assessee is directed against the order of the Ld. Addl / Joint Commissioner of Income Tax (Appeals)-1,Chennai (in short “CIT(A)”), dated 08/01/2025 for Assessment Year (AY) 2022-23. 2. Brief facts of the case are that the appellant is a company incorporated under the Companies Act, 1956. It is engaged in the business of stock and Printed from counselvise.com 2 share broking, Depository Services, Portfolio Management Services and Financial Products Distribution etc. The Return of Income for the AY 2022- 23 was filed on 29/11/2022 declaring a total income of Rs. 1,90,95,62,820/-. The said Return of Income was processed the CPC U/s. 143(1) of the Act vide Intimation dated 23/06/2023. While doing so, the CPC has granted a short credit of TDS of Rs. 11,98,488/-. 3. Being aggrieved by the said Intimation, an appeal was filed before the CIT(A), who vide the impugned order remanded the issue to the file of the AO with a direction to verify the TDS credits as reflected under 26AS and allow the appeal. Thus, the appeal of the assessee is partly allowed. 4. Being aggrieved, the appellant is in appeal before us in the present appeal. 5. It is contended that the CIT(A) had failed to adjudicate the short credit of TDS of Rs. 11,89,488/-. Further, it was submitted that the CPC /AO was not justified in denying the credit for Tax at Source without assigning any reasons. 6. On the other hand, the Ld. Sr. DR argued in supporting the orders of the lower authorities and submits that since they have passed reasoned orders, there is no need for interference. 7. We heard the rival submissions and perused the material available on record. The issue in the present appeal relates to short credit for Tax Deducted at Source and Advance Tax paid. On a perusal of the order of the CIT(A), it is evident that the CIT(A) had failed to adjudicate the Grounds of Printed from counselvise.com 3 Appeal relating to credit of TDS and Advance Tax of Rs. 11,45,253/- of erstwhile entity namely Geojit Investment Services Limited. Therefore, we remand the issue back to the file of the CIT(A) to adjudicate the Grounds of Appeal relating to short deduction of tax of Rs. 11,45,253/-. Accordingly, the appeal of the assessee is partly allowed. 8. In the result, the appeal of the assessee is partly allowed. Order pronounced in the open court on 22nd July, 2025. Sd/- Sd/- (SONJOY SARMA) JUDICIAL MEMBER (INTURI RAMA RAO) ACCOUNTANT MEMBER Cochin, Dated: 22nd July, 2025 okk sps Copy to: 1. The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File Assistant Registrar ITAT, Cochin Printed from counselvise.com "