https://www.taxtmi.com/caselaws?id=416875 Unaccounted receipts admitted during survey may be taxed on the gross amount where the assessee fails to produce reliable evidence of corresponding unaccounted expenditure. The assessee's later attempt to restrict taxation to only the embedded profit element was rejected because no flat-wise details or credible material supported that claim, while the survey admissions and documents remained on record. On that basis, the view that only estimated profit should be brought to tax was not accepted, and the deletion by the first appellate authority was held unsustainable. en-us Wed, 05 Jan 2022 00:00:00 +0530 Mon, 10 Jan 2022 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416875 Unaccounted receipts admitted during survey may be taxed on the gross amount where the assessee fails to produce reliable evidence of corresponding unaccounted expenditure. The assessee's later attempt to restrict taxation to only the embedded profit element was rejected because no flat-wise details or credible material supported that claim, while the survey admissions and documents remained on record. On that basis, the view that only estimated profit should be brought to tax was not accepted, and the deletion by the first appellate authority was held unsustainable. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416875