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2017 (5) TMI 1398 - AT - Income TaxIncome from business of Real Estate - Held that:- From a careful perusal of the sale agreement, MoU and the letter of developer dated 18.02.2015, it appears that assessee has received certain amount over and above the amount payable under the agreement for sale at the time of execution of the sale deed in favour of prospective buyers. But the quantification of the amount is not done by the AO nor any formula was worked out. In the light of these facts, it is of the view that this issue requires readjudication by the AO in the light of the letter of the developer, agreement for sale and MoU. If need be, the AO may summon the developer and examine him in the presence of assessee. If the assessee has received amount over and above the sale consideration, the same should be assessed as income of the assessee. Accordingly, this issue is restored to the file of Assessing Officer for readjudication afresh in the terms indicated above. Appeals of the assessee stand allowed for statistical purposes.
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