https://www.taxtmi.com/caselaws?id=792207 Unaccounted on-money receipts from sale of commercial units were treated as business receipts, and the seized material together with the section 132(4) statement showed that related expenditure had also been incurred. Taxing the full gross receipts while ignoring the expenditure reflected in the seized documents was found unsustainable, because seized material cannot be read in a piecemeal manner. Only the profit element embedded in unaccounted receipts can be brought to tax, and the 22% profit estimation was supported by the material on record and the consistent approach in group cases. en-us Wed, 20 May 2026 00:00:00 +0530 Mon, 25 May 2026 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792207 Unaccounted on-money receipts from sale of commercial units were treated as business receipts, and the seized material together with the section 132(4) statement showed that related expenditure had also been incurred. Taxing the full gross receipts while ignoring the expenditure reflected in the seized documents was found unsustainable, because seized material cannot be read in a piecemeal manner. Only the profit element embedded in unaccounted receipts can be brought to tax, and the 22% profit estimation was supported by the material on record and the consistent approach in group cases. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792207