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High Court Upholds Tribunal's Decision to Dismiss Unjustified 'On Money' Additions in Real Estate Tax Case.

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....Estimation of profit embedded in the total unaccounted on money receipts from real estate business of the assessee - CIT(A) noted that if the extra work doubted by search or survey party, no further investigation was made against those flats owners. The adoption of huge ‘on money’ without iota of evidence is not justified and deleted the entire addition. - Order of ITAT confirming the deletion of additions upheld - HC....

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High Court Upholds Tribunal's Decision to Dismiss Unjustified 'On Money' Additions in Real Estate Tax Case.