Undisclosed business receipts -Only a percentage of profit embedded can be taxed

Amitsinh Nababha Rana Vs ITO (ITAT Rajkot)

It was alleged by the AO that the assessee has received a contractual amount from the party namely for an amount of Rs.20,91,670.00 which was not disclosed in the books of accounts. Accordingly the same was added to the total income of the assessee. However the learned CIT-A found that out of the contractual amount of Rs.20,91,670.00, a sum of Rs.8,90,000 has already been accounted for in the books of accounts of the assessee which was offered to tax. Thus, the balance amount of Rs.

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