₹11 Crore Cash Land Deal: Tribunal Restricts Addition to 15% Profit on On-Money

Silver Infra Vs DCIT (ITAT Ahmedabad) Assessee, a partnership firm, filed its return for AY 2020-21 declaring a loss of ₹10.33 lakh. A survey u/s 133A in April 2019 led to seizure of loose papers, documents, & digital data, revealing unaccounted “on-money” receipts of ₹9.63 crore from unit bookings in its Silver Spring project & cash payment of ₹11 crore for purchase of land. The partner admitted these facts in his statement u/s 131. AO treated the cash land payment as unexplained investment u/s 69 & added ₹11 crore, completing assessment at income of ₹11.10 crore. On...