https://www.taxtmi.com/caselaws?id=410292 The Tribunal held that only the profit element embedded in on-money receipts should be treated as income, applying an 8% profit rate as declared by the assessee for the assessment year 2016-17. The CIT(A)'s estimation of 20% was deemed unreasonable, and the AO's inclusion of the entire gross amount as unexplained income was rejected. The assessee's appeal was partly allowed, directing the AO to assess income based on the 8% profit rate. The Revenue's appeal was dismissed, and other grounds raised by the assessee were rejected. en-us Tue, 27 Jul 2021 00:00:00 +0530 Wed, 28 Jul 2021 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410292 The Tribunal held that only the profit element embedded in on-money receipts should be treated as income, applying an 8% profit rate as declared by the assessee for the assessment year 2016-17. The CIT(A)'s estimation of 20% was deemed unreasonable, and the AO's inclusion of the entire gross amount as unexplained income was rejected. The assessee's appeal was partly allowed, directing the AO to assess income based on the 8% profit rate. The Revenue's appeal was dismissed, and other grounds raised by the assessee were rejected. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410292