https://www.taxtmi.com/caselaws?id=274183 The High Court affirmed the Tribunal's decision to tax 25% of the sale proceeds received in cash as the assessee's income. The Court emphasized taxing only the profit element embedded in unaccounted receipts, aligning with legal principles from previous judgments. The decision underscored the importance of fair estimation and reasonable approaches in determining taxable income from unrecorded sales consideration, particularly in cases involving cash transactions in real estate businesses. en-us Tue, 27 Aug 2013 00:00:00 +0530 Wed, 01 Mar 2023 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274183 The High Court affirmed the Tribunal's decision to tax 25% of the sale proceeds received in cash as the assessee's income. The Court emphasized taxing only the profit element embedded in unaccounted receipts, aligning with legal principles from previous judgments. The decision underscored the importance of fair estimation and reasonable approaches in determining taxable income from unrecorded sales consideration, particularly in cases involving cash transactions in real estate businesses. Case-Laws Income Tax Tue, 27 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274183