https://www.taxtmi.com/caselaws?id=310642 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 48,97,984, which was made by the Assessing Officer based on on-money received from the sale of flats in the Surya Enclave Project. The Tribunal found the Assessing Officer's method of extrapolating on-money from one flat to all flats flawed. It agreed with CIT(A)'s assessment that a 15% net profit rate was reasonable given the discrepancies in the assessee's accounts. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order as the factual findings and calculations were deemed sound. en-us Fri, 30 Jan 2015 00:00:00 +0530 Sat, 04 Nov 2023 09:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310642 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 48,97,984, which was made by the Assessing Officer based on on-money received from the sale of flats in the Surya Enclave Project. The Tribunal found the Assessing Officer's method of extrapolating on-money from one flat to all flats flawed. It agreed with CIT(A)'s assessment that a 15% net profit rate was reasonable given the discrepancies in the assessee's accounts. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s order as the factual findings and calculations were deemed sound. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310642