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Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any advance received under the agreement for sale or mere earnest money cannot be taxed as income before the transaction of sale is complete.

Income Tax - Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any advance received under the agreement for sale or mere earnest money cannot be taxed as income before the transaction of sale is complete. - TMI Updates - Highlights .....

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