This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
On-money receipts taxable as unaccounted sales only to the extent of net profit rate
Case Law Details
- Case Name
- JCIT Vs Narayan Land Estate (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-2017
- Courts
- All ITAT, ITAT Ahmedabad
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
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 and seizure of various documents and back-up of Tally data of M/s. Narayan Land Estate for the period from 0...
Author Info
