Forfeiture of booking fees qualifies as business income for exemption u/s 80IB of the Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exemption U/s 80IB - The forfeiture of the amount is result of the failure on the part of the customer to cancel the booking, which in our view, is an income directly drawn from the business of the assessee. - AT....