Addition of on-money - Additions of on-money made u/s 68 on the ...

On-Money Receipts u/s 68 Confirmed as Business Income for Builder Based on Loose Sheets and Mobile Data.

May 31, 2021

Case Laws     Income Tax     AT

Addition of on-money - Additions of on-money made u/s 68 on the basis of notings in loose sheets and data retrieved from the mobiles - when the A.O had in the assessment order mentioned the flat wise and year wise receipts of on-money thus, the same leaves no iota of doubt that the same were in the nature of “business receipts” which were inseparable from the assessee‟s business of a builder and developer. - AT

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