https://www.taxtmi.com/caselaws?id=456859 ITAT Hyderabad remanded the case to AO for fresh adjudication regarding addition of unaccounted cash receipts over registered sale value of plots. Assessee had declared 15% profit on turnover in revised return to cover discrepancies. Assessee contended cash receipts were advances for registrations completed in AY 2009-10 and income was already offered to tax that year. CIT(A) rejected this claim due to absence of balance sheet evidence. ITAT noted assessee's willingness to substantiate no unaccounted receipts existed and directed AO to re-examine the matter considering the advance nature of payments and prior tax disclosure. en-us Wed, 07 Jun 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456859 ITAT Hyderabad remanded the case to AO for fresh adjudication regarding addition of unaccounted cash receipts over registered sale value of plots. Assessee had declared 15% profit on turnover in revised return to cover discrepancies. Assessee contended cash receipts were advances for registrations completed in AY 2009-10 and income was already offered to tax that year. CIT(A) rejected this claim due to absence of balance sheet evidence. ITAT noted assessee's willingness to substantiate no unaccounted receipts existed and directed AO to re-examine the matter considering the advance nature of payments and prior tax disclosure. Case-Laws Income Tax Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456859