On-money income assessable in year in which sale of concerned flat is declared

Magnates Enterprises Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the income portion of the on-money is assessable in the year in which the sale of concerned flat is declared by the assessee.

Facts- The assessee is engaged in the business of developing building properties. It belongs to Ameya Group. The Department carried out search and seizure operations in the hands of M/s. Ameya Builders & Property Developers and also in the hands of its partners Shri Upesh M. Baria, Shri Uday M. Baria & Shr

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