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2012 (7) TMI 735 - ITAT, AHMEDABADReceipt of “on money” - Addition in income - survey u/s. 133A - Held that:- From the balance sheet of the assessee it is evident that there are no sales during the year under appeal and the advance received from the buyers is reflected as its liability - An agreement to sell does not create any interest in favour of the purchaser as it is on completion of the transaction of purchase and sale culminating in the extinguishment of the title in the vendor and simultaneous creation of the title in the vendee that the seller earns a profit or suffers a loss - as the amount is advance received has neither been controverted nor has the Revenue brought on record any facts to the contrary the amount of Rs.25,07,000/- is not an income in the present assessment year but is an advance and therefore it cannot be taxed in the year under appeal - in favour of assessee.
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