https://www.taxtmi.com/caselaws?id=283478 The Tribunal held that retention money can be taxed in the year of receipt, distinguishing it from performance bank guarantees. The Tribunal upheld the CIT(A)'s decision that retention money should not be considered as income, emphasizing the importance of matching principles in accounting. The assessee's appeal for the Assessment Year 2007-08 under section 143(3) was dismissed, with other grounds not pressed by the assessee also being dismissed. en-us Fri, 15 Mar 2019 00:00:00 +0530 Tue, 24 Sep 2019 15:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283478 The Tribunal held that retention money can be taxed in the year of receipt, distinguishing it from performance bank guarantees. The Tribunal upheld the CIT(A)'s decision that retention money should not be considered as income, emphasizing the importance of matching principles in accounting. The assessee's appeal for the Assessment Year 2007-08 under section 143(3) was dismissed, with other grounds not pressed by the assessee also being dismissed. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283478