Accrual of income towards retention money - the assessee had no ...

Retention Money Claim Denied Until Contract Completion Verified by CIT(A) and Tribunal; Decision Against Revenue.

March 4, 2022

Case Laws Income Tax HC

Accrual of income towards retention money - the assessee had no right to claim any part of the retention money till the verification of satisfactory execution of the contract - That apart the CIT(A) as well as the tribunal have examined the sample contract produced by the assessee which they have entered into with the third party customers/parties and found on facts that the assessee would be entitled to the amount retained only upon satisfactory completion of the work which would be certified by the contracting parties. - Decided against Revenue - HC

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Accrual of income towards retention money - the assessee had no ...

Retention Money Claim Denied Until Contract Completion Verified by CIT(A) and Tribunal; Decision Against Revenue.

March 4, 2022

Case Laws Income Tax HC

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