Case Law Analysis
|Income Tax Appellate Tribunal
Section 68 IT Act | Only Profit Element, Not Gross Turnover, Taxable as Unexplained Credit for Land Transactions : ITAT Ahmedabad
ITAT Ahmedabad rules that under Section 68 of the Income Tax Act, only the profit component (15% margin) of business receipts from land transactions can be taxed as unexplained credit, not the entire turnover. This sets a precedent for profit estimation in similar cases, shifting the burden of proof toward the revenue after the assessee establishes genuineness of transactions.