This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Retention Money Taxable Only After Right to Receive Crystallises: Calcutta HC
Case Law Details
- Case Name
- PCIT Vs EMC Limited (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
PCIT Vs EMC Limited (Calcutta High Court)
The Calcutta High Court dismissed the Revenue’s appeal filed under Section 260A of the Income-tax Act, 1961, affirming the order of the Income Tax Appellate Tribunal for Assessment Year 2014–15. The central issue was whether retention money amounting to ₹142.53 crore constituted taxable income in the relevant year merely because it was credited by principal contractors and tax was deducted at source under Section 194C.
Read SC Judgment: Retention Money Not Income Until Contract Conditions Are Met: SC
The Assessing Officer had treated the retenti...
