https://www.taxtmi.com/caselaws?id=34202 The Court ruled in favor of the revenue, holding that the advance money received towards the sale price of land should be considered as assessable income under the Income Tax Act, 1961. The Court agreed with the revenue's argument that the receipt of earnest money was directly linked to the business activities of the assessee-company, rejecting the contention that it was merely an advance pending completion of the sale transaction. The Court upheld the revenue's position, disposing of the reference accordingly. en-us Fri, 17 Jul 2009 00:00:00 +0530 Thu, 07 Oct 2010 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34202 The Court ruled in favor of the revenue, holding that the advance money received towards the sale price of land should be considered as assessable income under the Income Tax Act, 1961. The Court agreed with the revenue's argument that the receipt of earnest money was directly linked to the business activities of the assessee-company, rejecting the contention that it was merely an advance pending completion of the sale transaction. The Court upheld the revenue's position, disposing of the reference accordingly. Case-Laws Income Tax Fri, 17 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34202