Non-receipt of sale consideration vis-à-vis no handing over of property- Matter Remanded

ACIT Vs Late Sh. Amarjeet singh (ITAT Delhi) Facts- The assessee is an individual and deriving income from property, share income as partner in M/s S.M. & Sons and M/s Santokh Singh & Sons and interest income. The assessee filed its return of income on 30.09.2011 declaring an income of Rs.19,27,700/-. Subsequently, the assessee revised its return of income on 23.02.2013 declaring income at Rs.38,09,925/- on account of withdrawal of interest of Rs.17,69,625/- paid on bank loan and claimed under the head “property income” which was for business purposes. During the year, the assessee...