2014 (11) TMI 1233

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....ed in contract business and in the memo of income, it had claimed deduction of the amounts retained by its clients as per the contracts. According to the assessee, as the amounts were not received, they cannot be considered as part of income for the impugned assessment year. The original authority, while considering the decision of this Court in Commissioner of Income Tax v. Ignifluid Boilers (P) ....