TMI Blog2006 (8) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - - - - - Dated:- 7-8-2006 - Judge(s) : H. L. GOKHALE., V. R. KINGAONKAR. JUDGMENT Heard learned counsel for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. The other judgment relied upon is in the case of CIT v. Ignifluid Boilers (I) Ltd. reported in [2006] 283 ITR 295 (Mad). In that judgment also, a Division Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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