https://www.taxtmi.com/caselaws?id=413565 The Tribunal upheld the reopening of the assessment under section 147 of the Income Tax Act, 1961, due to discrepancies in the declared receipts of the assessee. It ruled that only the profit element of the receipts should be taxed, not the entire amount. Applying a net profit rate of 8%, the Tribunal determined a taxable amount of Rs. 4,31,510, deleting the rest of the addition. This decision aligns with legal principles and previous rulings, emphasizing fair taxation based on accurate assessment of income. en-us Mon, 11 Oct 2021 00:00:00 +0530 Thu, 14 Oct 2021 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413565 The Tribunal upheld the reopening of the assessment under section 147 of the Income Tax Act, 1961, due to discrepancies in the declared receipts of the assessee. It ruled that only the profit element of the receipts should be taxed, not the entire amount. Applying a net profit rate of 8%, the Tribunal determined a taxable amount of Rs. 4,31,510, deleting the rest of the addition. This decision aligns with legal principles and previous rulings, emphasizing fair taxation based on accurate assessment of income. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413565