https://www.taxtmi.com/caselaws?id=798210 Unaccounted business receipts evidenced by third-party loose sheets require corroboration and a demonstrated nexus with the taxpayer; project-specific details and conduct in offering related profit supported the receipt quantum. Only the embedded profit in established on-money receipts is taxable, and an admission made to buy peace does not conclusively determine the applicable rate; absent material supporting a higher margin, profit was estimated using an 8% presumptive-tax benchmark. No further telescoping applies where unaccounted expenditure has already been treated as funded from those receipts. A challenge to penalty initiation is premature until a penalty order is made. en-us Mon, 31 Aug 2026 00:00:00 +0530 Thu, 03 Sep 2026 08:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798210 Unaccounted business receipts evidenced by third-party loose sheets require corroboration and a demonstrated nexus with the taxpayer; project-specific details and conduct in offering related profit supported the receipt quantum. Only the embedded profit in established on-money receipts is taxable, and an admission made to buy peace does not conclusively determine the applicable rate; absent material supporting a higher margin, profit was estimated using an 8% presumptive-tax benchmark. No further telescoping applies where unaccounted expenditure has already been treated as funded from those receipts. A challenge to penalty initiation is premature until a penalty order is made. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798210