https://www.taxtmi.com/caselaws?id=235263 The case addressed the treatment of retention money as accrued income. The assessee argued that the sum withheld for contract fulfillment should not be considered income until all terms were met. The Tribunal distinguished the case from previous judgments, emphasizing that no money had been received from the retention amount. Relying on principles from past cases, including the need for a debt creation and immediate right to payment, the High Court ruled in favor of the assessee. The decision highlighted that income does not accrue until contractual obligations are fulfilled, dismissing the Tax Appeal. en-us Thu, 28 Mar 2013 00:00:00 +0530 Wed, 23 Oct 2013 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235263 The case addressed the treatment of retention money as accrued income. The assessee argued that the sum withheld for contract fulfillment should not be considered income until all terms were met. The Tribunal distinguished the case from previous judgments, emphasizing that no money had been received from the retention amount. Relying on principles from past cases, including the need for a debt creation and immediate right to payment, the High Court ruled in favor of the assessee. The decision highlighted that income does not accrue until contractual obligations are fulfilled, dismissing the Tax Appeal. Case-Laws Income Tax Thu, 28 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235263