Case Law Details
Case Name : Padmavati Housing Corporation Vs DCIT (ITAT Ahmedabad)
Appeal Number : IT(SS)A No. 39, 40 and 278/AHD/2019
Date of Judgement/Order : 06/01/2022
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Ahmedabad
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Padmavati Housing Corporation Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition on account of on-money received @50% is on a palpably very high side. Accordingly, the same is restricted to Gross Profit percentage i.e. 15%.
Facts-
The assessee at the outset stated that the sole challenge to the order of the ld.CIT(A) in the present appeals was against confirmation of addition made to the income of the assessee on account of alleged on-money received by the assessee from its business of real estate development.
Conclusion-
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