https://www.taxtmi.com/caselaws?id=71672 Amounts collected by a builder from flat purchasers for transformer installation, stamp duty, water development, electricity and formation of society were treated as earmarked sums held for statutory and project-related obligations, not as trading receipts. Unrecorded land-related payments evidenced in seized material were treated as unexplained investment or expenditure and sustained. Cash payments to a contractor were held not to attract section 40A(3) where the statutory threshold was not shown to be crossed and the circumstances fell within the exception for genuine practical difficulty. Deduction for defective and unrecorded voucher-related expenditure was allowed because the search disclosure was not rebutted by independent material. Cash credits were upheld as unexplained where identity was shown but creditworthiness and genuineness were not. en-us Fri, 25 Aug 1995 00:00:00 +0530 Tue, 24 Jan 2017 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71672 Amounts collected by a builder from flat purchasers for transformer installation, stamp duty, water development, electricity and formation of society were treated as earmarked sums held for statutory and project-related obligations, not as trading receipts. Unrecorded land-related payments evidenced in seized material were treated as unexplained investment or expenditure and sustained. Cash payments to a contractor were held not to attract section 40A(3) where the statutory threshold was not shown to be crossed and the circumstances fell within the exception for genuine practical difficulty. Deduction for defective and unrecorded voucher-related expenditure was allowed because the search disclosure was not rebutted by independent material. Cash credits were upheld as unexplained where identity was shown but creditworthiness and genuineness were not. Case-Laws Income Tax Fri, 25 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71672