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2015 (3) TMI 540 - HC - Income TaxComputation of deduction u/s 80HHB - CIT (Appeals) allowed the appellant's appeal by holding that when each project is different and the deduction is per project, then it would not be justified in clubbing the income of all projects for the purposes of working out the deduction available under Section 80HHB - Held that:- It is not disputed by the revenue that the issue stands concluded by the decision in Hindustan Construction Co. Ltd. (2015 (2) TMI 718 - BOMBAY HIGH COURT) wherein holding that the assessee was entitled to the deduction under section 80HHB in respect of each project instead of netting up of profits from all the overseas projects. In such circumstances, the Tribunal was in no error in directing the Assessing Officer to allow the deduction as claimed by the assessee without setting off all the losses suffered in other foreign projects - Decided in the favour of the assessee. Entitlement to deduction for Retention Money - Held that:- Question (B) stands concluded in favour of the respondent-assessee and against the appellant-revenue by the decision of this Court in CIT Vs. Associated Cables P. Ltd. [2006 (8) TMI 135 - BOMBAY High Court] wherein held 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 - Decided in favour of asseesse.
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