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        Case ID :
        Income Tax

        Whether the recognition of retention money, receipt of which is contingent on the satisfaction of certain performance criterion is to be recognized as revenue on billing.

        22 August, 2017

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        Manual - ICDS III : Construction Contracts

        Retention money, being part of overall contract revenue, shall be recognised as revenue subject to reasonable certainty of its ultimate collection condition contained in ICDS-III on Construction contracts.

         

        Retention money recognition as revenue requires reasonable certainty of ultimate collection under ICDS on construction contracts. Retention money, as part of overall contract revenue under the ICDS on construction contracts, shall be recognised as revenue only when the contingency tied to performance is satisfied or there is reasonable certainty of its ultimate collection.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Retention money recognition as revenue requires reasonable certainty of ultimate collection under ICDS on construction contracts.

                              Retention money, as part of overall contract revenue under the ICDS on construction contracts, shall be recognised as revenue only when the contingency tied to performance is satisfied or there is reasonable certainty of its ultimate collection.


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