https://www.taxtmi.com/caselaws?id=252999 The Tribunal allowed both appeals filed by the assessee, directing the deletion of additions made by the Assessing Officer and CIT(A). The Tribunal held that the Rs. 3.00 crores received from M/s Alokik Township Corporation was a refundable advance, not taxable as income. Additionally, the Tribunal found that the assessment of Rs. 1,40,27,025/- as unaccounted cash receipts on sale of plots was unjustified. The Tribunal ruled in favor of the assessee for the assessment year 2007-08, ordering the deletion of the impugned additions. en-us Fri, 07 Nov 2014 00:00:00 +0530 Tue, 11 Nov 2014 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252999 The Tribunal allowed both appeals filed by the assessee, directing the deletion of additions made by the Assessing Officer and CIT(A). The Tribunal held that the Rs. 3.00 crores received from M/s Alokik Township Corporation was a refundable advance, not taxable as income. Additionally, the Tribunal found that the assessment of Rs. 1,40,27,025/- as unaccounted cash receipts on sale of plots was unjustified. The Tribunal ruled in favor of the assessee for the assessment year 2007-08, ordering the deletion of the impugned additions. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252999