Compensation received from builder for its failure to deliver flats in time taxable under head capital gains: ITAT

INCOME TAX : Where assessee entered into a Builder-Buyer Agreement (BBA) for purchasing a villa but on builder's failure of giving possession of villa within stipulated time, BBA was cancelled, compensation received by assessee for such cancellation of BBA was to be treated as a capital receipt and same was chargeable to tax as capital gains

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