Undisclosed income and unaccounted plot-sale receipts raise substantial questions of law, with no merits ruling yet.

The dispute concerned whether an amount of Rs. 1 crore could be treated as undisclosed income and whether additions could be sustained for alleged unaccounted cash receipts from the sale of plots. The Bombay High Court admitted the appeal on the stated substantial questions of law, but it did not decide the merits of either issue. No final determination was made on the taxability of the amount or on the validity of the additions.

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Issues: Whether the ITAT was justified in not upholding the finding that Rs. 1 crore constituted undisclosed income, and whether the ITAT was justified in not sustaining the addition on account of unaccounted cash receipts from sale of plots.

Outcome: The appeal was admitted on the stated substantial questions of law and no final adjudication was made on the merits of the issues.

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