Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 573 - AT - Income TaxAddition u/s 69A r.w.s. 115BBE - unexplained jewellery fround in search proceddings - Whether seized jewellery should be assessed as income from business instead of assessing as income u/s 69A? - HELD THAT:- As gone through paper book containing computation of income wherein the amount has been explicitly shown as “surrendered for tax in pursuance to search”. Further, while answering to the Question posed to the assessee by the ADIT(Inv.), Unit- 8(2), New Delhi during the statement recorded u/s 131(1) - The assessee confirmed that the amount has been undisclosed and surrendered. Subsequently, the assessee filed return of income. There was no documents submitted by the assessee to prove that the jewellery has been purchased out of this income. Even if, it is so, the generation of undisclosed income and application of such income has been unraveled. It is a fact on record that the income earned has been undisclosed and has been unearthed only due to the action u/s 132 and the jewellery is only application of such undisclosed income. Hence, the provisions of Section 115BBE(1)(a) that where the total income of an assessee, includes any income referred to in section 69A and reflected in the return of income furnished under section 139, are evidently applicable in the instant case. Appeal of the assessee is dismissed.
|