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The Tax Publishers2009 TaxPub(DT) 1889 (Mad-HC) : (2010) 031 (I) ITCL 0038 : (2009) 318 ITR 0113 CIT v. P & C Constructions (P) Ltd.
INCOME TAX ACT, 1961
Income - Diversion by overriding title -Retention money
Held: It was held that assessee had not receive retention money in respect of a contract which was retained by contractee for purpose of successful completion of contract and there was also additional security deposit in account of assessee, therefore, retention money or additional security deposit in account of assessee would not liable for tax in hands of assessee.
Income-tax Act, 1961, Section 4
Decision: In favour of assessee.
Case Law Analysis:CIT v. Ignifluid Boilers (I) Ltd. [2006] 283 ITR 295, CIT v. East Coast Constructions & Ind. Ltd. [2006] 283 ITR 297 (Mad.).
CIT v. P & C Constructions (P) Ltd.
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