Dismissing the appeal of the Revenue the Court held that retention money is not to be included in computing book profits. Followed CIT v. Simplex Concrete Piles (India) (P.) Ltd. (1989) 179 ITR 8 (Cal)(HC). (AY. 2013-14)
PCIT v. MC Nally Sayaji Engineering Ltd. (2022) 286 Taxman 673 (Cal.)(HC)
S. 115JB : Book profit-Retention money-Not to be included in computing book profits.