9911796707
TMI Blog2024 (5) TMI 1256X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 12.12.2019 by the Assessing Officer, DCIT, Circle-3, Saharanpur (hereinafter referred to as "ld. AO"). 2. Identical issue is involved in both these appeals and hence they are taken up together and disposed of by this common order for the sake of convenience. 3. The fact of Anju Dr Sehgal is taken up for adjudication and the decision rendered thereon shall apply with equal force for Dr Ajay also, except with variance in figures. 4. The only issue to be decided in this appeal is as to whether the ld. PCIT was justified in invoking his revision jurisdiction u/s 263 of the Act by holding that the income surrendered by the assessee in the sum of Rs 1 crore during survey need ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is to be taxed at the higher rate provided in section 115BBE of the Act. It is pertinent to note that provisions of section 115BBE of the Act was amended by the Second Amendment Act, 2016 prescribing tax rate of 60% and the same got notified only on 15.12.2016. Hence it was the submitted by the ld. AR that the said amendment prescribing higher rate of 60% cannot be made applicable for income earned by the assessee upto 14.12.2016. Admittedly, in the instant case, the assessee had duly offered the additional income of Rs 1 crore on 21.9.2016 itself during the course of survey. This goes to prove that the additional income of Rs 1 crore was earned by the assessee prior to 14.12.2016. Hence the said surrender of income of Rs 1 crore during su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly stated by him in the search statement recorded u/s 132(4) of the Act. Moreover, this income of Rs. 74,96,096/- was surrendered by the assessee on 01.12.2016 itself, whereas section 115BBE as amended by the Second Amendment Act, 2016 prescribing tax rate @60% got notified only on 15.12.2016. This goes to prove that for income earned up to 14.12.2016, even if the said income is unexplained falling within the nature of income referred to section 68, 69A, 69B, 69C and 696D of the Act, still the said income would be taxed only @30%. However, if such income is earned on or after 15.12.2016, the same would be liable to be taxed @60% as per amended provision of section 115BBE. This aspect has been adjudicated by coordinate bench of Chandiga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the claim that the additional income of Rs 1 crore represent income of the assessee which was earned other than from her profession. Hence once the additional income is offered as business income by the assessee and assessed as such, the ld. PCIT cannot invoke his revision jurisdiction u/s 263 of the Act by stating that the said income need to be taxed at a higher rate of 60%. In any case, the ld. AO had examined the survey documents and other evidences found during survey together with the statement of disclosure made by the assessee during survey which was linked with the return of income of the assessee and obviously found nothing adverse thereon as the assessee had duly honoured the disclosure made in the survey by offering it in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
