https://www.taxtmi.com/caselaws?id=772694 The ITAT Ahmedabad ruled on whether entire unaccounted receipts should be taxed as income or only the profit element. The tribunal held that seized materials must be read in entirety, and unaccounted expenses incurred from unaccounted receipts cannot be denied set-off against unaccounted income. Following precedents from Navjivan Oil Mills and Godhra Electricity Co. Ltd., the tribunal emphasized that only real income should be taxed and seized materials cannot be selectively interpreted. The ITAT directed the AO to adopt 13% profit margin on real estate business instead of the 14% determined by CIT(A), considering the actual profit ratios from books and unaccounted transactions. en-us Fri, 06 Jun 2025 00:00:00 +0530 Thu, 12 Jun 2025 07:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772694 The ITAT Ahmedabad ruled on whether entire unaccounted receipts should be taxed as income or only the profit element. The tribunal held that seized materials must be read in entirety, and unaccounted expenses incurred from unaccounted receipts cannot be denied set-off against unaccounted income. Following precedents from Navjivan Oil Mills and Godhra Electricity Co. Ltd., the tribunal emphasized that only real income should be taxed and seized materials cannot be selectively interpreted. The ITAT directed the AO to adopt 13% profit margin on real estate business instead of the 14% determined by CIT(A), considering the actual profit ratios from books and unaccounted transactions. Case-Laws Income Tax Fri, 06 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772694