https://www.taxtmi.com/caselaws?id=292956 In block assessment under Chapter XIV-B, undisclosed income from on-money sales cannot be assessed as gross receipts where the material shows deductible land, construction, and related costs. A seized paper and the assessee's admission supported an inference of unrecorded cash collections across the housing project, but the record also showed payments to earlier organisers and project expenses, and did not justify treating the alleged initial investment as unexplained. The proper approach was to estimate only the profit element from the unrecorded receipts, and that profit was already lower than the amount disclosed by the assessee, so addition of the entire sum was deleted. en-us Mon, 09 Feb 1998 00:00:00 +0530 Fri, 15 Jan 2021 13:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292956 In block assessment under Chapter XIV-B, undisclosed income from on-money sales cannot be assessed as gross receipts where the material shows deductible land, construction, and related costs. A seized paper and the assessee's admission supported an inference of unrecorded cash collections across the housing project, but the record also showed payments to earlier organisers and project expenses, and did not justify treating the alleged initial investment as unexplained. The proper approach was to estimate only the profit element from the unrecorded receipts, and that profit was already lower than the amount disclosed by the assessee, so addition of the entire sum was deleted. Case-Laws Income Tax Mon, 09 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292956