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        Case ID :
        Income Tax

        Undisclosed 'on money' receipts are taxable only to the extent...

        Revenue recognition: estimated profit on undisclosed on-money taxed when sale deed executes, not on receipt, with fact-based profit estimation.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Undisclosed 'on money' receipts are taxable only to the extent of the profit element; the profit rate is fact-specific and must be estimated from project stage, cost structure and seized material, and a 10% profit on gross on money was held reasonable on the facts. ICDS III (construction contracts) does not apply to a contractee/developer in this position, and where the assessee follows project completion/percentage of completion, estimated profit on on money is recognised in the year of execution of the sale deed or on transfer of significant risks and rewards, not necessarily on receipt of the cash.
                                Note: It is a system-generated summary and is for quick reference only.
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