https://www.taxtmi.com/caselaws?id=425902 The High Court of Calcutta upheld the decision of the CIT(A) and the Tribunal, ruling that retention money should be excluded from the assessee's income for the assessment year 2014-15. The Court found that the retention money only became due after fulfilling contractual obligations, thus not constituting taxable income for that year. The revenue's appeal was dismissed, affirming the correct application of legal principles and consideration of undisputed facts by the lower authorities. Consequently, the Court ruled against the revenue on substantial questions of law, resulting in the closure of the related stay application. en-us Mon, 25 Jul 2022 00:00:00 +0530 Wed, 22 Feb 2023 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425902 The High Court of Calcutta upheld the decision of the CIT(A) and the Tribunal, ruling that retention money should be excluded from the assessee's income for the assessment year 2014-15. The Court found that the retention money only became due after fulfilling contractual obligations, thus not constituting taxable income for that year. The revenue's appeal was dismissed, affirming the correct application of legal principles and consideration of undisputed facts by the lower authorities. Consequently, the Court ruled against the revenue on substantial questions of law, resulting in the closure of the related stay application. Case-Laws Income Tax Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425902