https://www.taxtmi.com/caselaws?id=71291 The Tribunal dismissed the revenue's appeal on the taxation of retention money and valuation of closing stock, affirming that retention money accrues as income only upon receipt. It allowed the assessee's appeals, ruling that excise duty and sales tax should not be included in total turnover for Section 80HHC deduction and that expenses on gift articles to employees are deductible as staff welfare expenses. The Tribunal's decisions were consistent with established legal precedents, including the non-accrual of retention money until the warranty period lapses and the proper valuation of closing stock without unavailed MODVAT credit. en-us Fri, 30 Jun 2006 00:00:00 +0530 Mon, 04 Mar 2024 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71291 The Tribunal dismissed the revenue's appeal on the taxation of retention money and valuation of closing stock, affirming that retention money accrues as income only upon receipt. It allowed the assessee's appeals, ruling that excise duty and sales tax should not be included in total turnover for Section 80HHC deduction and that expenses on gift articles to employees are deductible as staff welfare expenses. The Tribunal's decisions were consistent with established legal precedents, including the non-accrual of retention money until the warranty period lapses and the proper valuation of closing stock without unavailed MODVAT credit. Case-Laws Income Tax Fri, 30 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71291