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Unaccounted cash receipts from flat sales are taxable only to...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial additions.
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Unaccounted cash receipts from flat sales are taxable only to the extent of the profit embedded in the receipts; gross sale proceeds do not themselves constitute income. Where corresponding sales are accepted, alleged non-genuine steel purchases sourced through the grey market likewise permit taxation only of the embedded profit element, not the full purchase value. Search-seized electronic records meeting statutory admission requirements, when corroborated by statements recorded during search, remain reliable evidence despite a belated retraction unsupported by cogent material. A stamp-value addition was restored because it was not contested, without examination of its merits.
Unaccounted cash receipts from flat sales are taxable only to the extent of the profit embedded in the receipts; gross sale proceeds do not themselves constitute income. Where corresponding sales are accepted, alleged non-genuine steel purchases sourced through the grey market likewise permit taxation only of the embedded profit element, not the full purchase value. Search-seized electronic records meeting statutory admission requirements, when corroborated by statements recorded during search, remain reliable evidence despite a belated retraction unsupported by cogent material. A stamp-value addition was restored because it was not contested, without examination of its merits.
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