https://www.taxtmi.com/caselaws?id=470193 Unaccounted cash received by land aggregators from a developer was treated as income only to the extent of estimated profit, rather than as their entire undisclosed income. The agreements, statements and transaction pattern showed that the aggregators pooled land, used funds for land procurement and related development, and acted as intermediaries rather than owners trading in the full land value. Taxing all cash receipts as income was inconsistent with that business model and the developer's estimated-profit assessment. Income was estimated at 10% of unaccounted cash receipts, inclusive of income already admitted where applicable; a lower 4% estimate was not accepted. en-us Mon, 30 Sep 2024 00:00:00 +0530 Sat, 18 Jul 2026 21:09:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470193 Unaccounted cash received by land aggregators from a developer was treated as income only to the extent of estimated profit, rather than as their entire undisclosed income. The agreements, statements and transaction pattern showed that the aggregators pooled land, used funds for land procurement and related development, and acted as intermediaries rather than owners trading in the full land value. Taxing all cash receipts as income was inconsistent with that business model and the developer's estimated-profit assessment. Income was estimated at 10% of unaccounted cash receipts, inclusive of income already admitted where applicable; a lower 4% estimate was not accepted. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470193