https://www.taxtmi.com/caselaws?id=56435 In a block assessment involving alleged on-money received on flat bookings, the ITAT Ahmedabad held that the existence of unrecorded premium receipts justified rejection of the books for the block period, but not taxation of the entire gross receipts as undisclosed income. As no material showed that the full amount represented matching investment or expenditure in the assessee's hands, only the profit element embedded in the unrecorded receipts could be brought to tax. The Tribunal also noted that the assessee's disclosed net profit rate already covered the addition offered in the block return, so no further addition on account of on-money was sustainable and the extra addition was deleted. en-us Tue, 04 Aug 1998 00:00:00 +0530 Thu, 18 Dec 2025 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56435 In a block assessment involving alleged on-money received on flat bookings, the ITAT Ahmedabad held that the existence of unrecorded premium receipts justified rejection of the books for the block period, but not taxation of the entire gross receipts as undisclosed income. As no material showed that the full amount represented matching investment or expenditure in the assessee's hands, only the profit element embedded in the unrecorded receipts could be brought to tax. The Tribunal also noted that the assessee's disclosed net profit rate already covered the addition offered in the block return, so no further addition on account of on-money was sustainable and the extra addition was deleted. Case-Laws Income Tax Tue, 04 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56435