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            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

            Provisions expressly mentioned in the judgment/order text.

            <h1>Advance money forfeited treated as income for the seller; buyer cannot claim it as a capital loss.</h1> Forfeited advances received in negotiations for transfer of a capital asset are taxable to the seller as Income from Other Sources when forfeited and the transfer does not occur; forfeitures on or after 01 04 2014 are treated as income and not deducted from asset cost, whereas pre 2014 forfeitures follow prior cost adjustment rules. For buyers, a forfeited payment is not a capital loss, though repayments that effect relinquishment of rights may attract capital gains treatment; forfeited payments for commercial building purchases are not treated as capital loss.

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