No Forfeiture, No Tax: Advance Can’t Be Income Under Section 56

Lalchand Narayan Bhakt Vs ITO (ITAT Pune) No Forfeiture, No Tax: Advance Can’t Be Income u/s 56(2)(ix), Section 51 Steps In When 56(2)(ix) Fails: Pune ITAT Relief The Pune ITAT allowed the Assessee’s appeal and deleted the addition of ₹25 lakh treated as forfeited advance and taxed as “Income from other sources”. The case arose from a survey u/s 133A in a third party’s premises, where Essar Pavti / Bharana Pavti documents indicated receipt of ₹2 crore as advance against a proposed land transaction. The AO invoked Section 2(47)(v) and made a protective addition of ₹1 crore as LT...