Unaccounted income on sale of plots in cash - estimation of Net ...

Case Laws Income Tax

February 20, 2024

Unaccounted income on sale of plots in cash - estimation of Net profit - estimation on the on- money received by the assessee - The Tribunal dismissed the Assessee's appeal, rejecting their argument regarding the taxation of the profit element in the on-money received. It held that the method adopted for estimating net profit in real estate transactions was not applicable in this case.

View Source

← Previous Next →

Unaccounted income on sale of plots in cash - estimation of Net ...

Case Laws Income Tax

February 20, 2024

You may also like:

Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Assessment u/s 153A - profit from the sale of the plot - additions in the hands of broker / commission agent - unexplained and undisclosed income of the appellant - In...

Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

Rejection of books of accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under...

The assessee failed to file income tax returns and produce books of accounts. The Commissioner of Income Tax (Appeals) passed a detailed order computing income after...

Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

Cash deposits made post demonetization represented unaccounted income of the assessee qua AY 2017-2018 - Having regard to the extensive material which has been examined...

Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

Penalty levied u/s 271(1)(C) - exemption u/s 80-IC - income in the garb of fictitious cash sales - Assessing Officer as well as the Appellate Authority, rightly gave...

Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Quick Updates: