Advance forfeited under a dubious transaction is taxable u/s.68

HIGH COURT OF PUNJAB AND HARYANA Ashwani Oberoi Versus Commissioner of Income-tax IT Appeal No. 389 of 2011 December 20, 2012 JUDGMENT R.P. Nagrath, J. This is an appeal under Section 260A of the Income Tax Act, 1961 (for brevity ‘the IT Act’) against the order dated 27.07.2011 (Annexure A-6) passed by the Income Tax Appellate Tribunal, Chandigarh Bench ‘A’ (ITAT) for the assessment year 2002-03 and the order dated 15.02.2010 (Annexure ‘A-5’) of the CIT (Appeals), Chandigarh deciding appeal against the assessment order dated 29.12.2008 (Ann...