ITAT rules sum from Development Agreement not taxable as income; Assessing Officer's windfall gain classification rejected.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Income from other sources - accrual of income - ITAT held that sum received by the assessee pursuant to a Development Agreement had not accrued as income - on facts, the AO could not have held that this is on account of a windfall gain to be brought to tax under the head 'income from other sources'. - HC....