Compensation from Builder on cancellation of flat taxable as Other Income: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the compensation received from the Builder on the cancellation of the flat is taxable as “income from other sources.” The assessee purchased a flat from a Builder and paid Rs.10,00,000/- and Rs.20,00,000/- as earnest money towards purchase. Subsequently, the assessee paid full consideration of […]

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