https://www.taxtmi.com/caselaws?id=401202 Forfeiture of an advance received under an agreement to sell was held not to be taxable as unexplained income or income from other sources where banking records, SBI RTGS certificates and the buyer's affidavit established genuine receipt, and the adverse bank verification rested on the wrong account. The forfeited amount was reflected in the assessee's books, and for the relevant assessment year its treatment fell under the capital-gains adjustment regime rather than as unexplained income. The addition was therefore unsustainable and was deleted; the Revenue's challenge failed. en-us Fri, 27 Nov 2020 00:00:00 +0530 Tue, 01 Dec 2020 15:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401202 Forfeiture of an advance received under an agreement to sell was held not to be taxable as unexplained income or income from other sources where banking records, SBI RTGS certificates and the buyer's affidavit established genuine receipt, and the adverse bank verification rested on the wrong account. The forfeited amount was reflected in the assessee's books, and for the relevant assessment year its treatment fell under the capital-gains adjustment regime rather than as unexplained income. The addition was therefore unsustainable and was deleted; the Revenue's challenge failed. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401202