Forfeited earnest money arising out of property sale agreement is not liable to tax

HIGH COURT OF DELHI Commissioner of Income-tax versus Meera Goyal IT APPEAL NO. 1263 OF 2011 JANUARY 17, 2013 JUDGMENT Badar Durrez Ahmed, J This appeal by the revenue is directed against the order dated 05.04.2011 passed by the Income Tax Appellate Tribunal, New Delhi in ITA No.604/Del/2011 in respect of the assessment year 2007-08. 2. The respondent/assessee has house property at 37, Friends Colony, New Delhi. On 28.01.2007 the respondent entered into an agreement to sell the said property to Shinestar Buildcon (P) Ltd. The sale consideration of the property was agreed upon...