Higher rate of tax @60% u/s 115BBE - though the alleged ...

Income Tax

July 11, 2020

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning income from sources other than for the objects of the business and also the assessee having not offered any explanation in the statement given during the course of survey which stands unrebutted, therefore the alleged unexplained/undisclosed income is liable to be taxed as income falling under Section 68 to 69D of the Act as applicable to the type of income and has been rightly taxed by Ld. A.O applying the higher rate of tax provided in Section 115BBE

View Source

← Previous Next →

Higher rate of tax @60% u/s 115BBE - though the alleged ...

Income Tax

July 11, 2020

You may also like:

Levy of Tax u/s 115BBE @60% - Income surrendered during the course of search - the provisions of Section 69 were not applicable as the business transactions were...

Addition u/s 69 r.w.s. 115BBE - Higher rate of tax treating the surrendered income as unexplained investment / income - Amount surrendered during a survey due to stock...

Income surrendered during survey - Levy of higher rate of tax u/s 115BBE - the income surrendered during the course of survey cannot be brought to tax under the deeming...

Addition u/s 69 - the income surrendered during the course of survey cannot be brought to tax under the deeming provisions of section 69 and the same has been rightly...

Entitlement to the deduction under Section 80IB - surrendered amount - appellant was not entitled to the deduction under Section 80IB on the surrendered amount though...

Rectification of mistake u/s 154 - tax rate on surrendered income u/s 115BBE - the action of the Assessing officer in rectifying and increasing the rate of taxation from...

Net profit rate of the eight percent is most appropriate as provided under section 44AD for retail business having business turnover not exceeding ₹ 60 lacs - AT

Revision u/s 263 by CIT - addition were made u/s 69 and 69C - ld PCIT has stated that the AO has not applied the rate of tax as per section 115BBE, what he meant was...

Applicability of Higher Rate of Tax u/s 115BBE - the amount surrendered during survey was duly reflected in the books of account and the source it was declared/explained...

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

Quick Updates: