https://www.taxtmi.com/caselaws?id=783003 ITAT Kolkata allowed the assessee-LLP's appeal, holding that the undisclosed income detected during survey u/s 133A represented cash sales of flats, integral to its regular business activity, and not unexplained cash credits u/s 68. As the entire income arose from sale of flats, it had to be assessed as business income, irrespective of whether it was reflected in turnover or corresponding expenses were booked in the profit and loss account. The Tribunal found no cash credit entry in the books to justify invocation of s.68. It further noted that, given identical applicable tax rates, the Revenue's recharacterization exercise was tax neutral. en-us Thu, 04 Dec 2025 00:00:00 +0530 Mon, 08 Dec 2025 08:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783003 ITAT Kolkata allowed the assessee-LLP's appeal, holding that the undisclosed income detected during survey u/s 133A represented cash sales of flats, integral to its regular business activity, and not unexplained cash credits u/s 68. As the entire income arose from sale of flats, it had to be assessed as business income, irrespective of whether it was reflected in turnover or corresponding expenses were booked in the profit and loss account. The Tribunal found no cash credit entry in the books to justify invocation of s.68. It further noted that, given identical applicable tax rates, the Revenue's recharacterization exercise was tax neutral. Case-Laws Income Tax Thu, 04 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783003