https://www.taxtmi.com/caselaws?id=59157 Estimated additions for alleged on-money receipts were unsustainable where seized papers, tape recordings, survey material and comparable cases did not establish actual receipt by the assessee, and no purchaser admitted such payment. The article also explains that surplus from transfer of Powai land and Plot No. 206, treated as stock-in-trade in a business project, became taxable as business income only when the project transaction was completed in assessment year 1982-83, not in assessment year 1974-75. It further notes that project, telephone and motor car expense disallowances were only partly justified, with limited relief allowed on an estimated basis. en-us Tue, 03 Nov 1992 00:00:00 +0530 Tue, 14 Feb 2017 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59157 Estimated additions for alleged on-money receipts were unsustainable where seized papers, tape recordings, survey material and comparable cases did not establish actual receipt by the assessee, and no purchaser admitted such payment. The article also explains that surplus from transfer of Powai land and Plot No. 206, treated as stock-in-trade in a business project, became taxable as business income only when the project transaction was completed in assessment year 1982-83, not in assessment year 1974-75. It further notes that project, telephone and motor car expense disallowances were only partly justified, with limited relief allowed on an estimated basis. Case-Laws Income Tax Tue, 03 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59157