https://www.taxtmi.com/caselaws?id=253480 Gujarat HC held that when partnership firm received Rs. 62 lakhs as undisclosed on-money from sale of row houses during block period, only profit element embedded in such receipts can be taxed, not entire receipts. Tribunal correctly deleted addition of full receipt amount made by AO. Court confirmed that unless undisclosed investment in acquiring goods is also established, entire sales cannot be added as income. Only estimated profits at applicable net profit rate on suppressed sales amount can be taxed. Revenue's appeal dismissed. en-us Sat, 16 Jun 2012 00:00:00 +0530 Wed, 11 Jun 2025 14:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253480 Gujarat HC held that when partnership firm received Rs. 62 lakhs as undisclosed on-money from sale of row houses during block period, only profit element embedded in such receipts can be taxed, not entire receipts. Tribunal correctly deleted addition of full receipt amount made by AO. Court confirmed that unless undisclosed investment in acquiring goods is also established, entire sales cannot be added as income. Only estimated profits at applicable net profit rate on suppressed sales amount can be taxed. Revenue's appeal dismissed. Case-Laws Income Tax Sat, 16 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253480