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2020 (12) TMI 1 - AT - Income TaxAddition of unexplained income - earnest/advance money under agreement to sell - credit entries received by assessee from M/s True Value Contractors P. Ltd. - income from other sources - HELD THAT:- Assessee received an amount on account of sale of property and received money from one entity namely “True Value Contractors Pvt. Ltd.” whose name has been changed to “Jaffna Contractors”. The amount has been duly reflected in the bank account of the assessee and a certificate from the State Bank of India that the payments have been received from Axis Bank into the account of the assessee. The copy of the bank statements have been duly provided to the revenue authorities. The amount forfeited subsequently of ₹ 1,80,00,000/- is not taxable under “income from other sources” u/s 56(2)(ix) in the assessment year 2014-15 but is a subject matter of provisions of Section 51 of the Act effective for the year under consideration. Hence, we decline to interfere with the order of the ld. CIT (A) on this issue. The appeal of the revenue is dismissed.
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