TMI Blog2023 (7) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is partly allowed. - I.T.A. No. 16/Ahd/2023 - - - Dated:- 12-7-2023 - Smt. Annapurna Gupta, Accountant Member And Ms. Madhumita Roy, Judicial Member For the Appellant : Shri Biren Shah, AR For the Respondent : Shri Praveen Verma, Sr. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed at the behest of the assessee is directed against the order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ducted at the business premises of the assessee on 13.0.2020 and statement of the partner namely Sri Dharmendra G. Gajjar was recorded. It is relevant to mention that the assessee firm was in the business of construction of residential houses and commercial shops in the project namely Madhuban . 3. During the course of survey proceeding, expected estimate expenses for 2BHK and 3 BHK were found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 1,32,70,000/-. The Ld. AO made addition to the entire amount of undisclosed income of Rs. 1,32,70,000/-, which was, in appeal, restricted to Rs. 26,54,000/- being 20% of the net profit of undisclosed receipt of Rs. 1,32,70,000/-. The case of the assessee is this that instead of taking 20% of the undisclosed receipt of the assessee which seems to be higher rate, 10% to 15% of the on-money r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of 15% of the 'on money' received by the assessee. The learned counsel for the appellant pointed out that before the Tribunal the assessee had canvassed that not the entire 'on money' received but only the profit element could be taxed in the hands of the assessee. The contention of the assessee was substantially accepted by the Tribunal. The additions were limited to 15% of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee's sole contention before the Tribunal was substantially accepted, we do not see any purpose for surviving this appeal. The appeal is dismissed. In the above matter, The Hon ble Jurisdictional High Court restricted the addition of 15% of the on-money receipts on the identical fact. Respectfully relying upon the same, we decide the issue directing the Ld. AO to estimate the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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