Advance money forfeited - Section 56(2)(ix)

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..... shall be taxable in the hands of seller as Income from other sources. Notes: Any advance or other money forfeited before 01-04-2014 shall be dealt with as per section 51 , i.e. reduced from actual cost, WDV, etc. Any advance or other money forfeited on or after 01-04-2014 shall be treated as Income from Other Sources and shall not be reduced from Actual cost of the Asset .....

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