Receipt of ‘On-Money’ Received from Sale of Flats cannot be Taxed: ITAT deletes Addition [Read Order]

The “receipt of money” from the sale of flats by the assessee cannot be taxed

By Aiswarya Krishnadas - On August 30, 2024 3:46 pm - 2 mins read

ITAT - ITAT Mumbai - Income Tax - Income Tax Appellate Tribunal - sale of flats taxation - on money sale of flats taxation - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that the receipt of ‘on-money’ from the sale of flats cannot be taxed, leading to the deletion of the addition. A search operation under Section 132 of the Income Tax Act was conducted on October 25, 2017, at the business and…

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