Advance received for Sale of Property is taxable under ‘Income from other sources’ if Agreement for Sale is not registered u/s 56(2)(ix) of Income Tax Act: ITAT [Read Order]

Advance - Sale of Property - Income from other sources - Agreement for Sale - Income Tax Act - ITAT - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an advance received for the sale of property is taxable under the head Income from other sources if the agreement for sale is not registered under Section 56(2)(ix) of the Income Tax Act, 1961. The Assessee, Anthony Lewis, entered into an unregistered…

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