Advance from Developer cannot be treated as ‘Windfall’ gain & taxed

CIT Vs. City Lubricants Pvt. Ltd (Madras High Court) Thus, the issue pertaining to the amount of advance received by the assessee, namely, Rs.9 Crores was never the subject matter of the reopening proceedings which is sufficient to hold that the assessment order dated 25.03.2015 to be a nullity. Nevertheless, we heard the learned counsels on either side very elaborately. The question would be whether the amount of Rs.9 Crores can be stated to be a windfall gain and treated as income from other sources. Objections given by the assessee for the reopening of the assessment proposing to invoke Sec...