Entire On-Money Receipt Not Taxable as Only Embedded Profit Can Be Assessed

PCIT Vs Anupam Organiser (Gujarat High Court) The Revenue filed a tax appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Surat, dated 13 December 2019 for Assessment Year 2013-14. The appeal challenged the Tribunal’s deletion of an addition of ₹6,02,77,106 made as business income on account of alleged “on-money” received outside the books of account. The Revenue contended that the addition was based on extrapolation of seized and impounded evidence relating to the assessee’s real estate project and supported b...