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2015 (2) TMI 244 - ITAT HYDERABADAdvance for the sale of property - income receipt in current year - Held that:- Receipt of ₹ 20 lakhs as on 14.11.2005 pertains to A.Y. 2006-07 and not to A.Y. 2007-08. In case, assessee could not furnish evidence of return of cash that can only go against assessee to certain extent, but amount received as on 14.11.2005 cannot be the income in A.Y. 2007-08, just because cash component was not accounted for as noted by A.O. Looking at any way, amount of ₹ 20 lakhs cannot be brought to tax in the hands of assessee as (a) he is not owner of the property (b) he was not trading in the said property (c) it is not received in the year under consideration. Therefore, we are unable to uphold the order of the authorities. Allowing the grounds raised by assessee, we delete the addition of ₹ 20 lakhs made in the hands of assessee. - Decided in favour of assessee.
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