https://www.taxtmi.com/caselaws?id=768069 The ITAT Jaipur held that where a director surrendered amounts found in diary as gross undisclosed income, only profit element should be added rather than full amount. The tribunal sustained addition of Rs. 10 lacs out of Rs. 1.35 crores, allowing expenditure claim on gross revenue. Regarding accounting method, the tribunal upheld assessee's consistent use of project completion method over percentage completion method, noting revenue's past acceptance and that immovable property transfers require complete consideration receipt and possession handover under Transfer of Property Act. The AO failed to justify departure from established practice between assessee and department. en-us Tue, 18 Feb 2025 00:00:00 +0530 Tue, 19 May 2026 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768069 The ITAT Jaipur held that where a director surrendered amounts found in diary as gross undisclosed income, only profit element should be added rather than full amount. The tribunal sustained addition of Rs. 10 lacs out of Rs. 1.35 crores, allowing expenditure claim on gross revenue. Regarding accounting method, the tribunal upheld assessee's consistent use of project completion method over percentage completion method, noting revenue's past acceptance and that immovable property transfers require complete consideration receipt and possession handover under Transfer of Property Act. The AO failed to justify departure from established practice between assessee and department. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768069