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2013 (8) TMI 1089 - MADHYA PRADESH HIGH COURTUnaccounted sale - Estimation of income - only profit element is liable to tax - Assessee engaged in business of construction of flats - was collecting unaccounted cash from the purchasers of the flats. - HELD THAT:- entire amount of sale proceeds cannot be regarded as profit of the assessee, the net profit rate had to be adopted for the purpose of addition. Out of entire undisclosed receipt of ₹ 62 lacs, profit of ₹ 26 lacs is taxable for securing the ends of justice.
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