TDS on Income offered only will eligible for credit
As for as TDS is concerned, the credit will be available only in respect of income offered for assessment. Thus in the case of your client if cash method is adopted credit for TDS will be available in respect of Rs. 36 lacs and on the income will be offered for assessment.
Source: Page 17, The Tax Referencer. Volume 123, Issue No. 2, 9th January 2012.
