https://www.taxtmi.com/caselaws?id=306252 The tribunal partially allowed the appeals challenging the addition of alleged on-money receipts to the assessee's income from real estate development. It directed the Assessing Officer to restrict the addition by estimating the gross profit on the on-money receipts at a specified rate, emphasizing the need to consider the profit element and the improbability of high profit margins in the context of the properties sold. The decision was based on the peculiar circumstances of the case and should not be considered a precedent for other cases. en-us Thu, 06 Jan 2022 00:00:00 +0530 Thu, 19 Jan 2023 08:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306252 The tribunal partially allowed the appeals challenging the addition of alleged on-money receipts to the assessee's income from real estate development. It directed the Assessing Officer to restrict the addition by estimating the gross profit on the on-money receipts at a specified rate, emphasizing the need to consider the profit element and the improbability of high profit margins in the context of the properties sold. The decision was based on the peculiar circumstances of the case and should not be considered a precedent for other cases. Case-Laws Income Tax Thu, 06 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306252