On-Money Addition Reduced by 70% as Only Profit Element is Taxable: ITAT Rajkot

Jashvantiben Manojbhai Makwana Vs ITO (ITAT Rajkot) Only Profit Element in On-Money Taxable – ITAT Rajkot Trims ₹ 1.25 Lakh Addition to ₹ 37,500 Assessee, an individual, had not filed her return for A.Y. 2020-21. During a search u/s 132 in the Suchariya Group, documents were found showing receipt of “on-money” in cash for units in Pragati Shopping Centre. A ledger allegedly in Assessee’s name reflected payment of ₹ 1,25,000 in cash towards Shop No. 135 (First Floor). Relying solely on that seized ledger, AO reopened the case u/s 147, treated the said amount as unexplained investm...