Addition on account of on-money receipts restricted to GP percentage i.e. 15%

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- Held that we agree that it is highly improbable in this line of ...