https://www.taxtmi.com/highlights?id=64036 On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled principle of law that where it is found that the assessee is charging on-money/premium in respect of booking of flats, the entire receipts on account of on-money/premium charged would not to be treated as the undisclosed income of the assessee but only net profit rate could be applied on unaccounted sales/receipt for the purpose of making addition. - Action of CIT(A) for addition of 30% of the gross amount of on-money receipt as unaccounted income sustained - AT en-us Mon, 13 Jun 2022 14:49:06 +0530 Mon, 13 Jun 2022 14:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64036 On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled principle of law that where it is found that the assessee is charging on-money/premium in respect of booking of flats, the entire receipts on account of on-money/premium charged would not to be treated as the undisclosed income of the assessee but only net profit rate could be applied on unaccounted sales/receipt for the purpose of making addition. - Action of CIT(A) for addition of 30% of the gross amount of on-money receipt as unaccounted income sustained - AT Highlights Income Tax Mon, 13 Jun 2022 14:49:06 +0530 https://www.taxtmi.com/highlights?id=64036