Case Law Details
Brief Facts of the Case and Question
Brief Facts: The assesse has filed its return of income electronically declaring total income of Rs. 41, 60,580/. Then the case of the assessee was selected for scrutiny assessment and a notice u/s. 143(2) was issued and served upon the assessee by the Assessing officer. Assessee has claimed retention money of Rs. 7 lacs which has been excluded from the profits.
On appeal, Ld. Commissioner of Income Tax (Appeals) had deleted the addition by observing that same addition was made in the past which has been deleted.
Question Raised:
Whether Retention money should be disallowed which has been excluded from profits.
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