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2015 (11) TMI 1375 - AT - Income TaxRevision u/s 263 - taxation of surrendered income u/s 69A - whether the surrender made by assessee can be considered as business income or can be taxed as deemed income under section 69A - Held that:- As regards surrendered income, the assessee has clearly credited the same to the Profit & Loss account over and above the normal profits of the concern. Therefore, in our opinion the Assessing Officer has taken a plausible view as the assessee had surrendered the income as business income which was separately credited to Profit and Loss account. The assessee had surrendered income over and above the normal profits of the concern and not as income from other sources. Assessing Officer had taken a plausible view and the power exercised by learned Commissioner of Income Tax is not as per settled law. - Decided in favour of assessee.
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