https://www.taxtmi.com/caselaws?id=330877 The Tribunal partially allowed the appeals, determining that the property in question was a capital asset. The forfeited amount was to be adjusted against the cost of the asset under Section 51 of the Income Tax Act, resulting in a surplus to be taxed in the current year. The Tribunal stressed the importance of natural justice and the opportunity for the assessees to substantiate their claims, providing clarity on asset classification and tax provisions concerning forfeited advances. en-us Fri, 24 Jun 2016 00:00:00 +0530 Mon, 08 Aug 2016 12:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330877 The Tribunal partially allowed the appeals, determining that the property in question was a capital asset. The forfeited amount was to be adjusted against the cost of the asset under Section 51 of the Income Tax Act, resulting in a surplus to be taxed in the current year. The Tribunal stressed the importance of natural justice and the opportunity for the assessees to substantiate their claims, providing clarity on asset classification and tax provisions concerning forfeited advances. Case-Laws Income Tax Fri, 24 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330877