Mobilization money cannot be deemed as Income, merely for TDS deduction

DCIT Vs Five Star Construction P. Ltd (ITAT Delhi) The assessee is found to have maintained two accounts in the name of builders in the books of account maintained by it in the regular course of its business. The first account is under the title ‘Mobilisation advance account’ in which the advances received and required to be adjusted against the running bills have been credited and stand adjusted from time to time. The second account is in the name of M/s Matrix Buildwell Private Limited as a running account in which the assessee has received payments in advance towards contracts and raise...