https://www.taxtmi.com/caselaws?id=767234 The ITAT Ahmedabad upheld additions based on seized materials revealing on-money receipts and unaccounted expenses in real estate business. The tribunal rejected the assessee's claim that additions lacked incriminating evidence, finding the AO properly relied on seized documents. While confirming deletion of additions for AY 2018-19 and 2019-20, the tribunal directed taxation of on-money receipts crystallized in AY 2020-21 to 2023-24. The profit margin estimation was reduced from 14% to 13% following precedent in similar group cases. The appeal was partly allowed regarding profit rate determination. en-us Wed, 05 Mar 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767234 The ITAT Ahmedabad upheld additions based on seized materials revealing on-money receipts and unaccounted expenses in real estate business. The tribunal rejected the assessee's claim that additions lacked incriminating evidence, finding the AO properly relied on seized documents. While confirming deletion of additions for AY 2018-19 and 2019-20, the tribunal directed taxation of on-money receipts crystallized in AY 2020-21 to 2023-24. The profit margin estimation was reduced from 14% to 13% following precedent in similar group cases. The appeal was partly allowed regarding profit rate determination. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767234