https://www.taxtmi.com/caselaws?id=290393 The Tribunal upheld the CIT(A)'s decision to tax only the profit element embedded in "on-money" receipts from the sale of flats. It also supported the exclusion of a specific amount from the total "on-money" calculated by the AO and the application of a 16% net profit rate to determine unaccounted profit. The Tribunal rejected the Revenue's appeal on these issues and upheld the CIT(A)'s decisions to delete additions under sections 68/69/69C of the Income Tax Act. The Tribunal dismissed all appeals and cross-objections, emphasizing the importance of a consistent method of accounting. en-us Wed, 17 May 2017 00:00:00 +0530 Thu, 24 Sep 2020 09:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290393 The Tribunal upheld the CIT(A)'s decision to tax only the profit element embedded in "on-money" receipts from the sale of flats. It also supported the exclusion of a specific amount from the total "on-money" calculated by the AO and the application of a 16% net profit rate to determine unaccounted profit. The Tribunal rejected the Revenue's appeal on these issues and upheld the CIT(A)'s decisions to delete additions under sections 68/69/69C of the Income Tax Act. The Tribunal dismissed all appeals and cross-objections, emphasizing the importance of a consistent method of accounting. Case-Laws Income Tax Wed, 17 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290393