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2019 (5) TMI 857 - AT - Income TaxRectification u/s 154 - surrendered amount of the assessee was subjected to tax @ normal rate OR rate as per the provisions of section 115BBE - debatable issue - HELD THAT:- SHRI LOVISH SINGHAL, SHRI VASU SINGHAL, SHRI PRAMOD KUMAR SINGHAL AND SHRI VINOD KUMAR SINGHAL VERSUS INCOME TAX OFFICER, WARD-2 AND A.C.I.T., CIRCLE- SRIGANGANAGAR [2018 (5) TMI 1646 - ITAT JODHPUR] held that the provisions of section 115BBE were not applicable if the surrender was made on account of excess stock found during the course of survey. So, the issue was a debatable, therefore, the CIT(A) was not justified in confirming the action of the AO for making the rectification u/s 154. Accordingly, the impugned order is set aside and it is held that the provisions of section 154 of the Act were not applicable in the present case and the AO was not justified in making the rectifications u/s 154. - Appeals of the assessee are allowed.
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