https://www.taxtmi.com/caselaws?id=400693 The Tribunal partly allowed the appeal, directing the Assessing Officer to restrict additions of on-money to cases with direct evidence, tax unrecorded receipts in the year of project completion, delete the addition of alleged lower income based on estimations, and quantify and disallow only actual expenses related to rental income. The Tribunal emphasized that income tax should be levied on real income, not on estimated income, and instructed the AO to verify cash flow within the group to justify alleged payments made to contractors. en-us Wed, 15 Jul 2020 00:00:00 +0530 Thu, 12 Nov 2020 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400693 The Tribunal partly allowed the appeal, directing the Assessing Officer to restrict additions of on-money to cases with direct evidence, tax unrecorded receipts in the year of project completion, delete the addition of alleged lower income based on estimations, and quantify and disallow only actual expenses related to rental income. The Tribunal emphasized that income tax should be levied on real income, not on estimated income, and instructed the AO to verify cash flow within the group to justify alleged payments made to contractors. Case-Laws Income Tax Wed, 15 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400693