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2013 (5) TMI 363 - HC - Income TaxAccrual of income - Addition in income including disallowance on account of retention money related to the contract - Held that:- In Commissioner of Income Tax vs. Chanchani Brothers (Contractors) Pvt. Ltd, [1986 (2) TMI 26 - PATNA High Court], Commissioner of Income 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 substantial question of law involved.
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