https://www.taxtmi.com/caselaws?id=408071 On-money in real-estate transactions is treated as assessable only to the extent of the profit element embedded in the receipts, not as the entire gross amount. Where the assessee follows a bona fide and consistent project completion method, that income is taxed in the year the corresponding sale is recognised, rather than automatically in the year of search or receipt. Loose sheets and mobile-phone data, by themselves, do not satisfy the requirement of books of account for section 68, and section 115BBE's loss set-off restriction was stated to be inapplicable to the relevant years. Penalty under section 271D was said to fail without proof of actual cash receipt. en-us Mon, 24 May 2021 00:00:00 +0530 Sat, 07 Aug 2021 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408071 On-money in real-estate transactions is treated as assessable only to the extent of the profit element embedded in the receipts, not as the entire gross amount. Where the assessee follows a bona fide and consistent project completion method, that income is taxed in the year the corresponding sale is recognised, rather than automatically in the year of search or receipt. Loose sheets and mobile-phone data, by themselves, do not satisfy the requirement of books of account for section 68, and section 115BBE's loss set-off restriction was stated to be inapplicable to the relevant years. Penalty under section 271D was said to fail without proof of actual cash receipt. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408071