https://www.taxtmi.com/caselaws?id=461076 ITAT SURAT upheld CIT(A)'s order reducing on-money addition from Rs. 9.57 crores to Rs. 1.60 crores based on 8% rate applied in assessee's own case for A.Y. 2017-18. Court allowed IDS 2016 declaration set-off and held on-money receipts from flat sales should be taxed under normal provisions, not section 115BBE. Addition was calculated at Rs. 356 per sq. ft. on 45,018 sq. ft. booked area rather than AO's extrapolated amount. Revenue's appeal dismissed; assessee's cross-objection also dismissed. en-us Mon, 26 Jun 2023 00:00:00 +0530 Tue, 11 Mar 2025 18:56:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461076 ITAT SURAT upheld CIT(A)'s order reducing on-money addition from Rs. 9.57 crores to Rs. 1.60 crores based on 8% rate applied in assessee's own case for A.Y. 2017-18. Court allowed IDS 2016 declaration set-off and held on-money receipts from flat sales should be taxed under normal provisions, not section 115BBE. Addition was calculated at Rs. 356 per sq. ft. on 45,018 sq. ft. booked area rather than AO's extrapolated amount. Revenue's appeal dismissed; assessee's cross-objection also dismissed. Case-Laws Income Tax Mon, 26 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461076