https://www.taxtmi.com/caselaws?id=344216 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,09,64,450/- in the case involving a real estate development company. The income initially booked as interest on delayed payments was reversed due to non-realization, leading to the conclusion that it was hypothetical income not subject to taxation. Relying on Supreme Court precedents, the Tribunal emphasized that income tax is levied on real income, and mere book entries do not constitute taxable income unless realized. The Revenue's appeal was dismissed, affirming the non-taxability of the unrealized income. en-us Wed, 07 Jun 2017 00:00:00 +0530 Mon, 12 Jun 2017 08:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344216 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 1,09,64,450/- in the case involving a real estate development company. The income initially booked as interest on delayed payments was reversed due to non-realization, leading to the conclusion that it was hypothetical income not subject to taxation. Relying on Supreme Court precedents, the Tribunal emphasized that income tax is levied on real income, and mere book entries do not constitute taxable income unless realized. The Revenue's appeal was dismissed, affirming the non-taxability of the unrealized income. Case-Laws Income Tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344216