https://www.taxtmi.com/caselaws?id=471469 Substance over form governed the treatment of housing-scheme collections where powers of attorney, control over funds and construction operations showed that the assessee conducted the building business for personal benefit. The intermediary construction firm could therefore be disregarded as a profit-diversion device, collections were treated as trading receipts, and profit was estimated after rejection of inadequately maintained books. Cash payments to the controlled firm were treated as loans or debts rather than payments to an independent entity; other cash payments required reconsideration under the Rule 6DD(j) exception and applicable circular. Loans were assessed as undisclosed income because the contemporaneous search statement was accepted over a later unsupported explanation. en-us Tue, 22 Aug 1989 00:00:00 +0530 Thu, 03 Sep 2026 14:51:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471469 Substance over form governed the treatment of housing-scheme collections where powers of attorney, control over funds and construction operations showed that the assessee conducted the building business for personal benefit. The intermediary construction firm could therefore be disregarded as a profit-diversion device, collections were treated as trading receipts, and profit was estimated after rejection of inadequately maintained books. Cash payments to the controlled firm were treated as loans or debts rather than payments to an independent entity; other cash payments required reconsideration under the Rule 6DD(j) exception and applicable circular. Loans were assessed as undisclosed income because the contemporaneous search statement was accepted over a later unsupported explanation. Case-Laws Income Tax Tue, 22 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471469