Retention Money Not Income Until Contract Conditions Are Met: SC

PCIT Vs EMC Limited (Supreme Court of India) The Supreme Court of India disposed of the Special Leave Petition filed by the Revenue after taking note of subsequent developments relating to the liquidation proceedings of the assessee-company under the Insolvency and Bankruptcy Code, 2016, while leaving intact the substantive findings of the Calcutta High Court on the taxability of retention money. Read HC Judgment: Retention Money Taxable Only After Right to Receive Crystallises: Calcutta HC Before the Supreme Court, it was brought to notice that the National Company Law Tribunal, Calcutta Ben...