Unaccounted cash receipts from flat sales are taxable only to...

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.