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2017 (7) TMI 1258 - AT - Income TaxConcealment Of interest income for taxation - difference in interest received as per Form No. 26AS and interest disclosed in the return in the computation of taxable total income - Held that:- A credit in one's bank account amounts to receipt by the account holder. Cash system of accounting does not mean that it should be cash received by the assessee. A credit to bank account is equally a receipt. It is true that if such interest is credited in the accounts of any third party, such interest cannot be taken as receipt. But interest from the bank is different, because the bank holds money on behalf of the account holder. Even where bank collects cheques, dividends, bills, promissory notes and the like for credit to customer's account, the bank is acting as the agent of the customer. The relationship of the banker and the customer is not necessarily different as between current account and fixed deposits. Since the assessee can draw the fixed deposit amount on maturity, the interest receivable on maturity shall be treated as “received”, though it was not drawn. The interest credited to the assessee’s account during the financial year 2009-10 by various Banks/institution, with respect to which TDS was deducted and therefore, the same has to be assessed as income in the hands of the assessee - decided against assessee.
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