https://www.taxtmi.com/caselaws?id=152073 The case involved issues of accrual of income for retention money and disallowance of interest on a loan to a director. The Tribunal ruled that the retention money withheld by customers did not accrue as income to the assessee during the relevant year as it was contingent upon fulfilling warranty obligations. Additionally, the disallowance of interest on a loan to the director was deleted, as there was no direct nexus between the loan and the interest paid on borrowings. The Third Member agreed that the retention money should not be considered accrued income until the warranty period ended. The appeal was partly allowed in favor of the assessee. en-us Thu, 25 Nov 1993 00:00:00 +0530 Wed, 18 Jan 2017 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152073 The case involved issues of accrual of income for retention money and disallowance of interest on a loan to a director. The Tribunal ruled that the retention money withheld by customers did not accrue as income to the assessee during the relevant year as it was contingent upon fulfilling warranty obligations. Additionally, the disallowance of interest on a loan to the director was deleted, as there was no direct nexus between the loan and the interest paid on borrowings. The Third Member agreed that the retention money should not be considered accrued income until the warranty period ended. The appeal was partly allowed in favor of the assessee. Case-Laws Income Tax Thu, 25 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152073