https://www.taxtmi.com/caselaws?id=239716 Seized material indicating on-money collections justified extrapolation of unaccounted turnover across the project as a whole, rather than confining the addition to isolated transactions. The Tribunal rejected both the view that the entire unaccounted turnover was profit and the adoption of an arbitrary 40% margin, and instead fixed a reasonable net profit rate of 17.08% on gross turnover after considering the assessee's returns and project-related profitability data. It further held that partners' remuneration and interest remained deductible under section 40(b) even where profits were estimated on a net basis. The addition for unexplained cash credits was sustained for failure to prove identity, creditworthiness and genuineness, while the alleged car parking sale and protective unexplained cash additions were deleted. en-us Fri, 22 Mar 2013 00:00:00 +0530 Tue, 06 May 2025 19:12:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239716 Seized material indicating on-money collections justified extrapolation of unaccounted turnover across the project as a whole, rather than confining the addition to isolated transactions. The Tribunal rejected both the view that the entire unaccounted turnover was profit and the adoption of an arbitrary 40% margin, and instead fixed a reasonable net profit rate of 17.08% on gross turnover after considering the assessee's returns and project-related profitability data. It further held that partners' remuneration and interest remained deductible under section 40(b) even where profits were estimated on a net basis. The addition for unexplained cash credits was sustained for failure to prove identity, creditworthiness and genuineness, while the alleged car parking sale and protective unexplained cash additions were deleted. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239716