https://www.taxtmi.com/caselaws?id=299000 The appeal involved the deletion of a retention amount on a contract by the CIT(Appeals). The Revenue contested the deletion, arguing that the amount should be considered as income for the assessment year. However, CIT(Appeals) ruled in favor of the Assessee, citing a precedent set by the jurisdictional High Court. The Tribunal upheld CIT(Appeals)'s decision, emphasizing the importance of adhering to the High Court's decision until overruled by a higher authority. The Assessee's claim for deduction of retention amounts was allowed, resulting in the dismissal of the Revenue's appeal. en-us Wed, 02 May 2012 00:00:00 +0530 Tue, 30 Nov 2021 14:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299000 The appeal involved the deletion of a retention amount on a contract by the CIT(Appeals). The Revenue contested the deletion, arguing that the amount should be considered as income for the assessment year. However, CIT(Appeals) ruled in favor of the Assessee, citing a precedent set by the jurisdictional High Court. The Tribunal upheld CIT(Appeals)'s decision, emphasizing the importance of adhering to the High Court's decision until overruled by a higher authority. The Assessee's claim for deduction of retention amounts was allowed, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 02 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299000