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2023 (6) TMI 1332 - AT - Income TaxSurrendered income Addition u/s 69A and taxing the same u/s 115BBE - AO treated the surrendered income as income from other sources as against business income claimed by assessee - HELD THAT:- The assessee declared the income during the survey. The surrendered income was duly declared in the return of income filed u/s 139(1). Considering the nature of surrendered income is excess cash found, excess stock found, expenditure incurred. The revenue was not able to submit any source of income for the assessee other than the business income. The assessee declared the income and filed the return u/s 44AD of the Act under the presumptive scheme. The assessee declared the surrendered income in the return and all the surrendered income are nature of business transactions. We fully relied on the order of M/S CHOKSHI HIRALAL MAGANLAL [2011 (8) TMI 1341 - ITAT AHMEDABAD] and M Ganpati Mudaliar [1964 (4) TMI 22 - SUPREME COURT] - Accordingly, the addition made u/s 69A amount to Rs. 49,89,638/- is liable to be deleted and the calculation of tax u/s 115BBE is liable to be quashed. The income of the assessee will be treated as business income. Decided in favour of assessee.
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