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 133APlease become a Premium member. If you are already a Premium member, login here to access the full content.