https://www.taxtmi.com/caselaws?id=292956 The Tribunal allowed the appeal, concluding that the assessing officer's addition of Rs. 1,47,91,840 to the undisclosed income was not justified. The Tribunal emphasized that only undisclosed income, not receipts, should be taxed under Chapter XIV-B. Deductions claimed by the assessee for payments made to previous organizers and land costs were found valid. The Tribunal directed the deletion of the addition as the profit earned would be less than the disclosed amount of Rs. 17 lakhs. 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 The Tribunal allowed the appeal, concluding that the assessing officer's addition of Rs. 1,47,91,840 to the undisclosed income was not justified. The Tribunal emphasized that only undisclosed income, not receipts, should be taxed under Chapter XIV-B. Deductions claimed by the assessee for payments made to previous organizers and land costs were found valid. The Tribunal directed the deletion of the addition as the profit earned would be less than the disclosed amount of Rs. 17 lakhs. Case-Laws Income Tax Mon, 09 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292956