September 2019

Income Accrual of income Difference between accrual and receipt Specified amount retained under contract to ensure there are no defects in execution of contract Amount retained did not accrue to assessee Business loss Bank guarantee for satisfactory execution of contract Contract cancelled and bank guarantee encashed Loss due to encashment of bank guarantee was deductible

K.B.Bhujle
Advocate

42.  CIT vs. Chandragiri Construction Co.; [2019] 415 ITR 63 (Ker.) Date of order: 13th March, 2019; A.Ys.: 2002-03 to 2005-06; and 2007-08

 

Income Accrual of income Difference between accrual and receipt Specified amount retained under contract to ensure there are no defects in execution of contract Amount retained did not accrue to assessee

 

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