https://www.taxtmi.com/caselaws?id=186638 The Tribunal dismissed the department's appeal, affirming that the retention money of Rs. 4,14,62,866/- accrued to the assessee was not taxable in the assessment year 2004-05. The Tribunal held that the retention money did not accrue until the contract was satisfactorily completed, following precedents such as CIT vs. Associated Cables Pvt. Ltd. 286 ITR 596. The release of retention money against a bank guarantee did not confer an absolute right to the amount, and it was deemed taxable only when the contract was completed, as recognized by the assessee in the assessment year 2006-07. en-us Fri, 30 Dec 2011 00:00:00 +0530 Sat, 24 Sep 2016 13:37:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186638 The Tribunal dismissed the department's appeal, affirming that the retention money of Rs. 4,14,62,866/- accrued to the assessee was not taxable in the assessment year 2004-05. The Tribunal held that the retention money did not accrue until the contract was satisfactorily completed, following precedents such as CIT vs. Associated Cables Pvt. Ltd. 286 ITR 596. The release of retention money against a bank guarantee did not confer an absolute right to the amount, and it was deemed taxable only when the contract was completed, as recognized by the assessee in the assessment year 2006-07. Case-Laws Income Tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186638