https://www.taxtmi.com/caselaws?id=34227 The High Court of Madras ruled in favor of the assessee, holding that retention money and additional security deposit were not taxable during the assessment year as they had not accrued to the assessee. The Court emphasized that the funds were to be received upon successful completion of the contract, and therefore, had not become due in the relevant year. The Court upheld the Tribunal's decision, dismissing the Revenue's appeals and closing the related miscellaneous petition without costs. en-us Tue, 14 Jul 2009 00:00:00 +0530 Mon, 08 Mar 2010 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34227 The High Court of Madras ruled in favor of the assessee, holding that retention money and additional security deposit were not taxable during the assessment year as they had not accrued to the assessee. The Court emphasized that the funds were to be received upon successful completion of the contract, and therefore, had not become due in the relevant year. The Court upheld the Tribunal's decision, dismissing the Revenue's appeals and closing the related miscellaneous petition without costs. Case-Laws Income Tax Tue, 14 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34227