https://www.taxtmi.com/caselaws?id=389803 The Tribunal remitted the matter back to the AO for reconsideration of additions related to on-money received on the sale of flats, directing estimation of only profits. Estimations of profit at 8% were deemed sufficient under Section 44AD. The addition towards unexplained investment in property was deleted as the source was disclosed in the partner's balance sheet. Other additions for unexplained expenditure and undisclosed contract receipts were upheld as the assessee failed to provide satisfactory explanations. Appeals were partly allowed for statistical purposes, and stay applications were dismissed. The AO was directed to reassess certain additions based on evidence provided by the assessee. en-us Wed, 11 Dec 2019 00:00:00 +0530 Tue, 17 Dec 2019 15:56:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389803 The Tribunal remitted the matter back to the AO for reconsideration of additions related to on-money received on the sale of flats, directing estimation of only profits. Estimations of profit at 8% were deemed sufficient under Section 44AD. The addition towards unexplained investment in property was deleted as the source was disclosed in the partner's balance sheet. Other additions for unexplained expenditure and undisclosed contract receipts were upheld as the assessee failed to provide satisfactory explanations. Appeals were partly allowed for statistical purposes, and stay applications were dismissed. The AO was directed to reassess certain additions based on evidence provided by the assessee. Case-Laws Income Tax Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389803