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2023 (7) TMI 612 - AT - Income TaxExcess cash found - unexplained source of cash - Unrecorded professional receipts - appellant had shown the income offered during the course of survey operation in the return of income - HELD THAT:- As appellant clearly stated that he is willing to offer a sum on account of unrecorded professional receipts and the same was offered to tax. Even the excess cash found can be telescoped against the unrecorded receipts. Therefore, it cannot be said that the source for the excess cash was not explained, as the source is clearly explained to be regular business professional receipts. Income can be brought to tax under the head “business income” not under the head “other sources”. The ratio in the case of CIT vs. Bajargan Traders [2017 (11) TMI 388 - RAJASTHAN HIGH COURT] is clearly applicable to the facts of the present case. Decision of case of M/s. SVS Oils Mills [2019 (5) TMI 1392 - MADRAS HIGH COURT] and Kim Pharma Pvt. Ltd. [2013 (1) TMI 495 - PUNJAB AND HARYANA HIGH COURT] have no application to the facts of the present case. We direct the AO not to tax the excess cash found under the provisions of section 115BBE - Decided in favour of assessee.
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