https://www.taxtmi.com/caselaws?id=419137 The Court rejected the Revenue's appeal on the disallowance of retention money totaling Rs. 7,72,10,900, emphasizing that the amount was contingent upon satisfactory contract completion. The Court left unresolved the issue of disallowance for delayed payment of employees' contribution to the Provident Fund amounting to Rs. 20,38,637, indicating that a decision on the retention money issue would render the Provident Fund contribution disallowance insignificant due to a low tax effect. The judgment highlights the significance of contractual terms in determining tax liabilities. en-us Thu, 24 Feb 2022 00:00:00 +0530 Fri, 04 Mar 2022 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419137 The Court rejected the Revenue's appeal on the disallowance of retention money totaling Rs. 7,72,10,900, emphasizing that the amount was contingent upon satisfactory contract completion. The Court left unresolved the issue of disallowance for delayed payment of employees' contribution to the Provident Fund amounting to Rs. 20,38,637, indicating that a decision on the retention money issue would render the Provident Fund contribution disallowance insignificant due to a low tax effect. The judgment highlights the significance of contractual terms in determining tax liabilities. Case-Laws Income Tax Thu, 24 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419137