Income cannot be taxed merely based on TDS credit in Form 26AS

Mithoo Saraf Vs ITO (ITAT Kolkata)

ITAT observed that the assessee has correctly shown his income based on the terms and conditions of MOU under which the assessee shared 60% of the profit calculated after reducing the operating expenses from the total freight received with M/s DKS Logistics Pvt. Ltd. in consideration of said company investing in the business of assessee. In view of these facts, we are not in agreement with the conclusion drawn by the Ld. CIT(A) that whatever income was shown in Form 26AS under assess’s PA

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