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‘Retention money’ being contingent upon satisfactory completion of contract work is taxable in actual year of receipt

June 29, 2020[2020] 117 taxmann.com 340 (Kolkata - Trib.)
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INCOME TAX: Retention money retained by contractee being deferred payment and contingent upon satisfactory completion of contract work, assessee would have no vested right to receive same in year in which it was retained; income was to be booked in year of actual receipt

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