https://www.taxtmi.com/caselaws?id=469726 Unaccounted on-money receipts from flat sales may be assessed on a reasonable estimate where the material shows the declared price is not the true commercial consideration; the Tribunal accepted the director's statement as the more reliable basis and sustained the addition only partly, not at the full rate adopted by the Assessing Officer. Unsold flats held by a builder as stock-in-trade were not chargeable to deemed rental income for the relevant period; following binding precedent, such units were taxable as business assets and the later insertion of section 23(5) did not apply. The Revenue succeeded only on the on-money issue, while the notional rent addition was deleted. en-us Mon, 11 Dec 2023 00:00:00 +0530 Wed, 01 Jul 2026 18:25:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469726 Unaccounted on-money receipts from flat sales may be assessed on a reasonable estimate where the material shows the declared price is not the true commercial consideration; the Tribunal accepted the director's statement as the more reliable basis and sustained the addition only partly, not at the full rate adopted by the Assessing Officer. Unsold flats held by a builder as stock-in-trade were not chargeable to deemed rental income for the relevant period; following binding precedent, such units were taxable as business assets and the later insertion of section 23(5) did not apply. The Revenue succeeded only on the on-money issue, while the notional rent addition was deleted. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469726