No Tax on forfeiture of earnest money received during negotiation of a capital assets prior to 01.04.2015

Sh. Ashwani Khurana Vs DCIT (ITAT Delhi) Undisputedly assessee had entered into an agreement to sell qua his property bearing no. 56 Golf Links, New Delhi with one Sanjay Pashi after accepting the earnest money of Rs. 4,62,50,000/-, which was subsequently forfeited as the prospective buyer Sanjay Pashi has failed to perform his part of the contract. It is also not in dispute that the property in question was ultimately sold by assessee to M/s. HAP apparel pvt. Ltd. for Rs. 21.75 crore, (assessee’s share 50%). It is also not in dispute that the assessee has already offered capital gain on the...