Accrual of income - Year in which income is taxable - Receipt of ...

Security Deposit Not Taxable Income Due to Conditional Transfer Agreement, Case Highlights Development Rights Sale.

March 2, 2021

Case Laws Income Tax AT

Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment of the obligation to construct and develop the project within the stipulated time was a condition precedent for the assessee to the satisfaction of the PCL as mentioned in the assignment agreement Dated 21.07.2006. Therefore, the security deposit received by the assessee for conditional transfer could never be treated as an income of the assessee. - AT

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Accrual of income - Year in which income is taxable - Receipt of ...

Security Deposit Not Taxable Income Due to Conditional Transfer Agreement, Case Highlights Development Rights Sale.

March 2, 2021

Case Laws Income Tax AT

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