On-money income assessable in year in which sale of concerned flat is declared

Magnates Enterprises Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee. Facts- The assessee is engaged in the business of developing building properties. It belongs to Ameya Group. The Department carried out search and seizure operations in the hands of M/s. Ameya Builders & Property Developers and also in the hands of its partners Shri Upesh M. Baria, Shri Uday M. Baria & Shri Moreshwar M. Baria. The search was carried out on 31.7.2014. During the course of search ope...