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2019 (8) TMI 183 - ITAT DELHIAddition on account of capital gain - forfeited amount against the property - earnest money received and forfeited by the assessee due to unsuccessful deal - as submitted amount retained by the assessee is more than the cost / indexed cost of capital asset, the excess amount remains as capital receipt and not taxable anywhere under the provisions of the Income Tax Act - HELD THAT:- We find that the facts of the case are similar as have been considered by the ITAT in the case of co-owner SH. ASHWANI KHURANA [2019 (3) TMI 11 - ITAT DELHI] treating the earnest money received and forfeited by the assessee in respect of any negotiation for transfer of capital assets to be deducted from the cost of assets. Since in A.Y. 10-11 there was no provision under the Act for treating the forfeiture of earnest money received during the negotiation of a capital assets as income from other sources, the Ld. CIT(A) has rightly deleted the addition. Ld. CIT(A) following his findings in the case of co-owner Shri Ashwani Khurana (supra), deleted the addition. The Order of the Ld. CIT(A) in the case of co-owner have been confirmed by the Tribunal. - Decided in favour of assessee
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