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2006 (8) TMI 135 - BOMBAY HIGH COURT
Accural Of Income - whether the retention money could be considered to be the income of the assessee in the year in which the amount was retained. - held that the payment of retention money in the case of contract is deferred and is contingent on satisfactory completion of contract work. The right to receive the retention money is accrued only after the obligations under the contract are fulfilled and, therefore, it would not amount to an income of the assessee in the year in which the amount is retained – revenue appeal is dismissed