Addition for On-money only of income element & not of entire amount

Ekta Housing Pvt. Ltd Vs DCIT (ITAT Mumbai): Conclusion: Addition as regards the on-money received by assessee was to be made to the extent of the income element embedded in such receipts and the entire amount of on-money could not have been added in the hands of the assessee.  No reason or logic had been given by CIT(A) for taking the income element embedded in the on-money receipts@20%. Thus, the net income element embedded in the on-money receipts could safely be taken in the case of the captioned assessee @15% of the amount of the on-money receipts and the same were in the nature of “bu...