Addition of unexplained income - earnest/advance money under ...

Unexplained Income from Forfeited Advance Not Taxable u/s 56(2)(ix), Covered by Section 51 for 2014-15.

December 1, 2020

Case Laws Income Tax AT

Addition of unexplained income - earnest/advance money under agreement to sell - The copy of the bank statements have been duly provided to the revenue authorities. The amount forfeited subsequently 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. - AT

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Addition of unexplained income - earnest/advance money under ...

Unexplained Income from Forfeited Advance Not Taxable u/s 56(2)(ix), Covered by Section 51 for 2014-15.

December 1, 2020

Case Laws Income Tax AT

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