Retention money taxable in year of contract condition fulfillment

DCIT Vs EMC Limited (ITAT Kolkata) The issue under consideration is whether the CIT(A) is correct in deleting the addition of retention money under normal computation of Income & u/s 115JB as well. In the present case, the assessee had filed its original return of income showing total income of Rs.194,46,16,540/-. Thereafter the assessee’s case was selected for scrutiny and notices u/s. 143(2) of the Act was served upon the assessee. The AO noted that the assessee thereafter had filed revised income tax return revising its income to Rs.49,98,06,980/-. The assessee explained that when the...