https://www.taxtmi.com/caselaws?id=253493 The Gujarat High Court upheld the Income Tax Appellate Tribunal's decision to admit a new plea regarding net profit calculation and justify the onus of proof on unaccounted receipts. The Court emphasized taxing only the profit element in on-money receipts, not the entire receipts, based on established legal principles and previous judgments. The Tribunal's decision to allow the assessee's appeal and delete the addition made by the Assessing Officer was upheld, stating no interference was necessary as per legal position. en-us Fri, 07 Nov 2014 00:00:00 +0530 Wed, 26 Nov 2014 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253493 The Gujarat High Court upheld the Income Tax Appellate Tribunal's decision to admit a new plea regarding net profit calculation and justify the onus of proof on unaccounted receipts. The Court emphasized taxing only the profit element in on-money receipts, not the entire receipts, based on established legal principles and previous judgments. The Tribunal's decision to allow the assessee's appeal and delete the addition made by the Assessing Officer was upheld, stating no interference was necessary as per legal position. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253493