The Madras High Court held that the advance received by the respondent (which is returnable due to the failure of the development agreement) from the developer was not to be treated as income in the hands of the assessee. The Respondent in his agreement with L&T Urban Infrastructure was granted irrevocable license to develop the […]
from Taxscan | Simplifying Tax Laws https://ift.tt/2FcHiDT
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