Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The Income Tax Appellate Tribunal (ITAT) held that retention money should be included in contract receipts for computing deduction u/s 80-IA for profits from construction activities. Section 43CB, effective from April 1, 2017, clearly provides that for percentage completion method, project completion method or straight-line method, contract revenue shall include retention money. The retention money cannot have different characteristics than the principal contract amount, as both are part of revenue received for construction activities eligible for Section 80-IA deduction. The ITAT relied on Section 43CB and allowed the assessee's appeal, setting aside the CIT(A)'s order disallowing deduction on retention money to the extent of Rs. 11,36,37,740.
The Income Tax Appellate Tribunal (ITAT) held that retention money should be included in contract receipts for computing deduction u/s 80-IA for profits from construction activities. Section 43CB, effective from April 1, 2017, clearly provides that for percentage completion method, project completion method or straight-line method, contract revenue shall include retention money. The retention money cannot have different characteristics than the principal contract amount, as both are part of revenue received for construction activities eligible for Section 80-IA deduction. The ITAT relied on Section 43CB and allowed the assessee's appeal, setting aside the CIT(A)'s order disallowing deduction on retention money to the extent of Rs. 11,36,37,740.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
