2013 (5) TMI 363

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..... Tax, Simplex Concrete Piles (India) Pvt. Ltd., [1988 (12) TMI 52 - CALCUTTA High Court], it has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained. - In view of the consistent view of the different High Courts with there is no substa .....

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..... t that income was being assessed on accrual basis ? Respondent-company is engaged in construction work. For the relevant accounting year, the assessee filed its return of income declaring net loss of Rs. 2,85,60,913/-. The Assessing Officer made additions during the course of assessment which includes disallowance on account of retention money retained by the authority on whose behalf work was c .....

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