https://www.taxtmi.com/caselaws?id=19607 The court ruled that a forfeited deposit of Rs. 21,000 by a private limited company, following a failed property sale, constituted taxable income under the Income-tax Act. The court considered the forfeited amount as compensation for lost profits, qualifying it as a revenue receipt subject to taxation. The decision favored the Revenue, concluding that the forfeited amount was taxable income for the assessee. en-us Mon, 24 Jan 1994 00:00:00 +0530 Sat, 07 Nov 2009 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19607 The court ruled that a forfeited deposit of Rs. 21,000 by a private limited company, following a failed property sale, constituted taxable income under the Income-tax Act. The court considered the forfeited amount as compensation for lost profits, qualifying it as a revenue receipt subject to taxation. The decision favored the Revenue, concluding that the forfeited amount was taxable income for the assessee. Case-Laws Income Tax Mon, 24 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19607