INCOME TAX : Where earnest money paid as advance by assessee, engaged in business of real estate, for purchase of lands was forfeited by sellers as assessee failed to pay balance consideration, since said payment of earnest money was made by assessee in course of its business of real estate and, said earnest money was forfeited resulting into business loss of assessee, same was to be allowed under section 28(i)INCOME TAX : Where earnest money paid as advance by assessee, engaged in business of real estate, for purchase of lands was forfeited by sellers as assessee failed to pay balance consideration, since said payment of earnest money was made by assessee in course of its business of real estate and, said earnest money was forfeited resulting into business loss of assessee, same was to be allowed under section 28(i)www.taxmann.com Latest Case LawsRead More
