https://www.taxtmi.com/caselaws?id=408524 The Tribunal ruled in favor of the assessee, directing that income from on-money receipts should be taxed in the year of project completion, not in the year of receipt. It also determined that the on-money receipts should be treated as business receipts, not cash credits under Section 68. Additionally, the Tribunal instructed the application of a 12% profit rate on the on-money receipts, aligning with the Settlement Commission's findings. The Revenue's appeals were dismissed, while the assessee's appeals were partly allowed. en-us Fri, 11 Jun 2021 00:00:00 +0530 Sat, 12 Jun 2021 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408524 The Tribunal ruled in favor of the assessee, directing that income from on-money receipts should be taxed in the year of project completion, not in the year of receipt. It also determined that the on-money receipts should be treated as business receipts, not cash credits under Section 68. Additionally, the Tribunal instructed the application of a 12% profit rate on the on-money receipts, aligning with the Settlement Commission's findings. The Revenue's appeals were dismissed, while the assessee's appeals were partly allowed. Case-Laws Income Tax Fri, 11 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408524