https://www.taxtmi.com/caselaws?id=220664 The Delhi HC dismissed the revenue's appeal challenging the Tribunal's decision regarding addition under section 56(2)(vi) for forfeited earnest money of Rs.18 crores from a property agreement. The assessee had received six cheques as earnest money, which was later forfeited when the buyer failed to pay balance consideration. The HC held that revenue could not invoke section 56(2)(vi) as this plea was not raised before the Tribunal, and no foundation was laid to prove the transaction was without consideration. The court affirmed that section 51 provisions applied to this genuine transaction, ruling in favor of the assessee. en-us Thu, 17 Jan 2013 00:00:00 +0530 Tue, 24 Jun 2025 10:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220664 The Delhi HC dismissed the revenue's appeal challenging the Tribunal's decision regarding addition under section 56(2)(vi) for forfeited earnest money of Rs.18 crores from a property agreement. The assessee had received six cheques as earnest money, which was later forfeited when the buyer failed to pay balance consideration. The HC held that revenue could not invoke section 56(2)(vi) as this plea was not raised before the Tribunal, and no foundation was laid to prove the transaction was without consideration. The court affirmed that section 51 provisions applied to this genuine transaction, ruling in favor of the assessee. Case-Laws Income Tax Thu, 17 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220664