Income Portion of On-Money Assessable in the Year in Which Sale of Flat is Declared: ITAT [Read Order]

Income Portion of On-Money - Income - Portion of On-Money - Sale of Flat - Sale of Flat is Declared - ITAT - Income Tax - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the income portion of on-money could be assessable in the year in which the sale of flats has been declared. The assessee, Magnates Enterprises, was engaged in the business of developing building properties. It belonged to Ameya Group. The Department carried out search…

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