https://www.taxtmi.com/caselaws?id=431815 The Tribunal partially allowed the appeal by directing the Assessing Officer to restrict the addition of cash received for flat bookings to 25% of the amount. The Tribunal emphasized that only the profit element from "on money" should be taxed, not the entire cash amount, and rejected the Assessing Officer's approach of adding the full amount to the assessee's income. The judgment focused on balancing the treatment of cash amounts as income and the estimation of profit on "on money," providing clarity on the assessment of such transactions. en-us Mon, 12 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 21:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431815 The Tribunal partially allowed the appeal by directing the Assessing Officer to restrict the addition of cash received for flat bookings to 25% of the amount. The Tribunal emphasized that only the profit element from "on money" should be taxed, not the entire cash amount, and rejected the Assessing Officer's approach of adding the full amount to the assessee's income. The judgment focused on balancing the treatment of cash amounts as income and the estimation of profit on "on money," providing clarity on the assessment of such transactions. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431815