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2021 (7) TMI 1134 - AT - Income TaxUnexplained income - receipt of on-money i.e. money in cash, over and above booking amount was found - AO was of the view that the gross amount calculated on the basis of such evidence is to be treated as unexplained income of the assessee whereas on appeal, CIT(A) has recorded a finding that only element of profit embedded in such cash receipts is to be treated as income of the assessee - assessee has accounted for 8% of such receipts as its income, whereas the ld.CIT(A) has estimated the profit element on such receipt at 20% - HELD THAT:- As relying on assessee's own case [2020 (4) TMI 844 - ITAT AHMEDABAD] direct the AO to assess the income of the assessee by adopting 8% of the profit out of the alleged unaccounted on-money receipts - the income declared by the assessee at the rate of 8% is to be accepted instead of 20% directed by the ld.CIT(A). To make it more specific, this appeal of the assessee is partly allowed in the same term as the appeals of the Asstt.Years 2012-13 to 2015-16, which have been allowed by the Tribunal, whereas the appeal of the Revenue is dismissed.
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