https://www.taxtmi.com/caselaws?id=39255 The High Court of Kerala addressed a case brought by the Income-tax Appellate Tribunal, Cochin Bench, concerning withheld amounts by the engineering department as income accrued to the assessee for the assessment year 1964-65. The Tribunal deemed the withheld money as income, but the Court emphasized contract terms indicating the money had not yet become due. The Court stressed the importance of interpreting all relevant contract terms and directed the Tribunal to reconsider the case thoroughly, suggesting a review of contract terms and practices to determine the treatment of the withheld amount for assessment purposes under the Income-tax Act, 1961. en-us Thu, 08 Apr 1976 00:00:00 +0530 Wed, 14 Apr 2010 11:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39255 The High Court of Kerala addressed a case brought by the Income-tax Appellate Tribunal, Cochin Bench, concerning withheld amounts by the engineering department as income accrued to the assessee for the assessment year 1964-65. The Tribunal deemed the withheld money as income, but the Court emphasized contract terms indicating the money had not yet become due. The Court stressed the importance of interpreting all relevant contract terms and directed the Tribunal to reconsider the case thoroughly, suggesting a review of contract terms and practices to determine the treatment of the withheld amount for assessment purposes under the Income-tax Act, 1961. Case-Laws Income Tax Thu, 08 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39255