https://www.taxtmi.com/caselaws?id=408766 The Tribunal allowed the assessee's appeals, directing the AO to tax only 12% of the on-money receipts as undisclosed income. The Revenue's appeals were dismissed, upholding the treatment of on-money as business receipts and not unexplained cash credits under Section 68. The Tribunal also ruled in favor of the assessee regarding the inflation of expenses, estimating income at 12% of the inflated expenses. The application of Section 115BBE became academic as the main issue was decided against the Revenue. en-us Fri, 11 Jun 2021 00:00:00 +0530 Mon, 21 Jun 2021 09:34:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408766 The Tribunal allowed the assessee's appeals, directing the AO to tax only 12% of the on-money receipts as undisclosed income. The Revenue's appeals were dismissed, upholding the treatment of on-money as business receipts and not unexplained cash credits under Section 68. The Tribunal also ruled in favor of the assessee regarding the inflation of expenses, estimating income at 12% of the inflated expenses. The application of Section 115BBE became academic as the main issue was decided against the Revenue. Case-Laws Income Tax Fri, 11 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408766