https://www.taxtmi.com/caselaws?id=177541 Disclosure made during survey concerning on-money in a property project was held not to be taxed merely as unexplained expenditure under section 69C when the statement, read as a whole, also referred to receipt and application of the same project funds. The tribunal treated advance receipts as not constituting income until the underlying flats were transferred and the sale transaction was completed, and rejected selective reliance on only the expenditure side without corroborative material. Interest set-off and notional interest on alleged interest-free advances were not finally decided; both were remanded for factual verification on the nexus between borrowed funds, advances, and interest income. en-us Fri, 08 Apr 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177541 Disclosure made during survey concerning on-money in a property project was held not to be taxed merely as unexplained expenditure under section 69C when the statement, read as a whole, also referred to receipt and application of the same project funds. The tribunal treated advance receipts as not constituting income until the underlying flats were transferred and the sale transaction was completed, and rejected selective reliance on only the expenditure side without corroborative material. Interest set-off and notional interest on alleged interest-free advances were not finally decided; both were remanded for factual verification on the nexus between borrowed funds, advances, and interest income. Case-Laws Income Tax Fri, 08 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177541