Profit embedded in unaccounted cash or on-money receipts taxable: ITAT Ahmedabad

Robin Ramavtar Goenka Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly. Facts- The assessee is engaged in real estate business. Assessee is a part of “Sankalp group” of Ahmedabad. A search and seizure action u/s. 132 of the Act was carried out in “Sankalp Group of Ahmedabad”. Incriminating materials, including handwritten diaries, loose papers, unrecorded bills and...