https://www.taxtmi.com/caselaws?id=390862 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 5,97,63,776/- in on-money receipts made by the assessee. It was found that only the profit embedded in such receipts should be taxed, not the entire amount. The CIT(A) concluded that the disclosed Rs. 12 crores exceeded the estimated profit, justifying the deletion of the additional amount. The principle falsus in uno falsus in omnibus was deemed inapplicable, and the Revenue's appeal was dismissed. en-us Fri, 13 Dec 2019 00:00:00 +0530 Tue, 14 Jan 2020 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390862 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 5,97,63,776/- in on-money receipts made by the assessee. It was found that only the profit embedded in such receipts should be taxed, not the entire amount. The CIT(A) concluded that the disclosed Rs. 12 crores exceeded the estimated profit, justifying the deletion of the additional amount. The principle falsus in uno falsus in omnibus was deemed inapplicable, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390862