Dismissing the appeal of the revenue the Tribunal held that , merely because retention money was accounted for in books of account, same could not be brought to tax without income having been actually accrued to assessee. Retention money is taxable in assessment year in which it was actually received by the assessee. ( AY.2010-11, 2012-13)
DCIT v. Commtel Networks (P.) Ltd. (2018) 171 ITD 360 (Mum) (Trib.)
S. 5 : Scope of total income -Retention money- Merely because retention money was accounted for in books of account, same could not be brought to tax without income having been actually accrued- Retention money is taxable in assessment year in which it was actually received . [ S.4, 145 ]