TMI Blog2009 (7) TMI 35X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount – Held that when the assessee had no right to receive the money by virtue of the contract between the parties and the assessee also had no right to enforce payment, it could not be said that the right to receive payment of the remaining retention money or additional security had accrued –the department cannot include the said amount for the assessment year when actually this amount has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt order, the assessee filed an appeal to the Commissioner of Income Tax (Appeal), who deleted the addition made by the assessing officer in relation to the retention money as well as the additional security deposit. Aggrieved against the said order of CIT (A), the Revenue filed an appeal to the Tribunal. The Tribunal, after considering the decisions rendered by this Court in Igni Fluid Boilers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee could not receive the retention money in the case of a contract which was retained by the contractee for the purpose of the successful completion of the contract. We are guided by the two earlier rulings of the Division Bench of this Court reported in Igni Fluid Boilers (283 ITR 295), wherein in identical circumstances, this Court has held that the retention money had not been received i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht to receive the money by virtue of the contract between the parties and the assessee also had no right to enforce payment, it could not be said that the right to receive payment of the remaining 10 per cent of the value of job had accrued. 5. Following the above said two decisions, we also come to the conclusion that as regards the additional security deposit amount, it admittedly could be l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen actually this amount has not been paid to the assessee. 6. For the foregoing reasons, we conclude that the finding given by the Tribunal was well reasonable and in accordance with law. Hence, we find no reason to interfere with the order of the Tribunal inasmuch as the question of law sought to be pleaded by the Revenue has already been answered by this Court in the above said two decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
