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Income Tax - Highlights / Catch Notes

Home Highlights March 2022 Year 2022 This

Estimation of profit embedded in the total unaccounted on money ...

Income Tax

March 17, 2022

Estimation of profit embedded in the total unaccounted on money receipts from real estate business of the assessee - CIT(A) noted that if the extra work doubted by search or survey party, no further investigation was made against those flats owners. The adoption of huge ‘on money’ without iota of evidence is not justified and deleted the entire addition. - Order of ITAT confirming the deletion of additions upheld - HC

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