https://www.taxtmi.com/caselaws?id=450524 ITAT Delhi ruled in favor of the assessee in a case involving addition of income under section 56 as income from other sources. The revenue authorities had added cash received as advance for immovable property sale during search and seizure under section 132. The tribunal found that since the assessee never owned the property and acted merely as a facilitator, not the real beneficiary, the money rightfully belonged to the actual property owners. The addition was deleted as the assessee had handed over the advance payment to the real owners. en-us Mon, 04 Mar 2024 00:00:00 +0530 Tue, 05 Mar 2024 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450524 ITAT Delhi ruled in favor of the assessee in a case involving addition of income under section 56 as income from other sources. The revenue authorities had added cash received as advance for immovable property sale during search and seizure under section 132. The tribunal found that since the assessee never owned the property and acted merely as a facilitator, not the real beneficiary, the money rightfully belonged to the actual property owners. The addition was deleted as the assessee had handed over the advance payment to the real owners. Case-Laws Income Tax Mon, 04 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450524