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The Income Tax Appellate Tribunal held that the amount of TDS (Tax Deducted at Source) reflected in Form 26AS of the assessee for the year under consideration, in respect of TDS done by PBA Infrastructure Pvt. Ltd., is to be treated as an item of income under the head "income from other sources." The provisions of section 198 of the Income Tax Act are to be applied accordingly. Once TDS is deducted, the assessee cannot be permitted to use the certificate to cover other amounts while refusing to show the amount of interest in their return by resorting to a difference in the method of accounting system. The Assessing Officer was directed to recompute the assessed total income in terms of the Tribunal's observations and findings.
The Income Tax Appellate Tribunal held that the amount of TDS (Tax Deducted at Source) reflected in Form 26AS of the assessee for the year under consideration, in respect of TDS done by PBA Infrastructure Pvt. Ltd., is to be treated as an item of income under the head "income from other sources." The provisions of section 198 of the Income Tax Act are to be applied accordingly. Once TDS is deducted, the assessee cannot be permitted to use the certificate to cover other amounts while refusing to show the amount of interest in their return by resorting to a difference in the method of accounting system. The Assessing Officer was directed to recompute the assessed total income in terms of the Tribunal's observations and findings.
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