9911796707
TMI Blog2023 (4) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee had filed its return of income for A.Y 2017-18 on 06.10.2017 declaring total of income at Rs. 15,58,600/- which was initially processed u/s. 143(1) of the Act. Thereafter the survey u/s. 133A of the Act was conducted at the premises of the assessee on 05.05.2016. Thereafter notices u/s. 143(2) and 142(1) were issued and served on the assessee. Consequently the assessment was framed u/s. 143(3) vide order dated 25.12.2019, whereby addition of Rs.4,06,00,000/- was made and held to be taxed as per provision of section 115BBE of the Act. 4. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 16.06.2022 in order no. ITBA/NFAC/S/250/2022-23/1043465361(1) dismissed the appeal of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of flat Rs. 1,20,00,000 AO noted that assessee had accounted the aforesaid undisclosed income of Rs. 4.06 crore in the Profit and Loss account and various expenses were adjusted against the undisclosed income. AO was of the view that adjusting of various expenses against the undisclosed income was in contravention of provision 115BBE of the Act. The assessee was therefore asked to explain as to why Rs. 4.06 crore be not brought to tax as per the provisions of section 115BBE to which assessee filed the submissions but which were not found acceptable to AO. AO thereafter held Rs. 4.06 crores declared by the assessee during the course of survey to be taxable as per provision of section 115BBE of the Act. 7. Aggrieved by the order of AO, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fective from 01.04.2017. 9. Ld. DR on the other hand, strongly supported the order of lower authorities. 10. We have heard the rival submissions perused the material on record. The issue in the present ground is about taxation of the income surrendered during the course of survey. It is undisputed fact that assessee had declared of Rs. 4.06 crore as its undisclosed income and which was offered to tax. It is the contention of the assessee that the income declared during the course of survey is out of the business of the assessee and is therefore the business income but the Revenue has taxed the same under the provisions of section 115BBE of the Act. We find that there is no finding of the lower authorities as to whether the income declared ..... X X X X Extracts X X X X X X X X Extracts X X X X
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