https://www.taxtmi.com/caselaws?id=400144 Additional consideration disclosed during survey from flat sales in a housing project was treated as business income because the assessee was engaged only in construction, the amount arose from the same business activity recorded in the profit and loss account, and no separate source of income existed. The disclosure therefore retained the character of trading receipt and could not be assessed as deemed or unexplained income under section 69. As it formed part of the business profits, it was also relevant in computing book profit for section 40(b), entitling the assessee to that benefit. en-us Wed, 26 Aug 2020 00:00:00 +0530 Wed, 28 Oct 2020 20:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400144 Additional consideration disclosed during survey from flat sales in a housing project was treated as business income because the assessee was engaged only in construction, the amount arose from the same business activity recorded in the profit and loss account, and no separate source of income existed. The disclosure therefore retained the character of trading receipt and could not be assessed as deemed or unexplained income under section 69. As it formed part of the business profits, it was also relevant in computing book profit for section 40(b), entitling the assessee to that benefit. Case-Laws Income Tax Wed, 26 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400144