https://www.taxtmi.com/caselaws?id=9620 The High Court of Madras ruled in favor of the construction company, the assessee, in a case concerning the treatment of retention money in income tax assessment under the mercantile system of accounting. The Court held that the retention money should not be included in total income until after contract completion and inspection, as the assessee has no enforceable right to it until then. The Court dismissed the tax cases in favor of the assessee, supporting taxation on a receipt basis aligned with the completion and satisfaction of the contract terms. en-us Sat, 21 Jan 2006 00:00:00 +0530 Sun, 28 Jun 2009 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9620 The High Court of Madras ruled in favor of the construction company, the assessee, in a case concerning the treatment of retention money in income tax assessment under the mercantile system of accounting. The Court held that the retention money should not be included in total income until after contract completion and inspection, as the assessee has no enforceable right to it until then. The Court dismissed the tax cases in favor of the assessee, supporting taxation on a receipt basis aligned with the completion and satisfaction of the contract terms. Case-Laws Income Tax Sat, 21 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9620