https://www.taxtmi.com/caselaws?id=245492 The High Court ruled in favor of the assessee, holding that the retention money received upon furnishing a bank guarantee was not taxable in the year of receipt. The Court emphasized that the right to receive the income had not accrued due to the conditions specified in the contract, which required completion of the defects liability period and certification by the Engineer in Charge. The Court reversed the Tribunal's decision, directing that the retention money should be taxed in the assessment year when it becomes payable to the assessee, after meeting the contract conditions. en-us Wed, 19 Mar 2014 00:00:00 +0530 Sat, 01 Nov 2014 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245492 The High Court ruled in favor of the assessee, holding that the retention money received upon furnishing a bank guarantee was not taxable in the year of receipt. The Court emphasized that the right to receive the income had not accrued due to the conditions specified in the contract, which required completion of the defects liability period and certification by the Engineer in Charge. The Court reversed the Tribunal's decision, directing that the retention money should be taxed in the assessment year when it becomes payable to the assessee, after meeting the contract conditions. Case-Laws Income Tax Wed, 19 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245492