On-money receipts taxable as unaccounted sales only to the extent of net profit rate

JCIT Vs Narayan Land Estate (ITAT Ahmedabad)

ITAT Ahmedabad held that entire receipts on account of on-money/premium charged would not to be treated as the undisclosed income but only net profit rate could be applied on unaccounted sales/receipt for the purpose of making addition.

Facts- A search u/s. 132 of the Act was carried out in the Narayan Realty Group of cases on 13.11.2014 and survey u/s. 133A of the Act was carried out at the business premises of the appellant an

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