Dismissing the appeal of the revenue the Court held that the retention money on contract could not be included in the assessee’s income.( AY.2009-10)
CIT v. Voltech Projects Pvt. Ltd. (2020) 428 ITR 270 (Mad) (HC)
S.145: Method of accounting -Mercantile system of accounting—Accrual of income -Retention money on contract —Cannot be included income .[ S.4 , 5 ]