https://www.taxtmi.com/caselaws?id=395628 The ITAT upheld the CIT(A)'s decision, affirming the deletion of the addition of retention money under normal income computation and u/s. 115JB of the Income Tax Act, 1961. It ruled that retention money should not be considered income until contractual obligations are fulfilled. Additionally, the ITAT dismissed the revenue's appeal regarding disallowance u/s. 14A read with rule 8D, confirming no disallowance is warranted in the absence of exempt income. The ITAT's decision aligns with various judicial precedents, including CIT Vs. Simplex Concrete Piles (India) and Cheminvest Ltd. Vs. CIT, supporting the taxpayer's position on both issues. en-us Wed, 27 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395628 The ITAT upheld the CIT(A)'s decision, affirming the deletion of the addition of retention money under normal income computation and u/s. 115JB of the Income Tax Act, 1961. It ruled that retention money should not be considered income until contractual obligations are fulfilled. Additionally, the ITAT dismissed the revenue's appeal regarding disallowance u/s. 14A read with rule 8D, confirming no disallowance is warranted in the absence of exempt income. The ITAT's decision aligns with various judicial precedents, including CIT Vs. Simplex Concrete Piles (India) and Cheminvest Ltd. Vs. CIT, supporting the taxpayer's position on both issues. Case-Laws Income Tax Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395628