Rectification proceedings u/s. 154 - Unexplained investment ...
Income Tax
March 16, 2024
Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of Business Income versus taxation u/s 115BBE of the Income Tax Act. The appellant argued against the rectification notice issued to tax the surrendered income u/s 115BBE, contending that it should be taxed as business income. The Tribunal, citing precedent cases, ruled in favor of the appellant, stating that if the surrendered income is related to regular business activities, it should be taxed as business income. Therefore, the order passed u/s 154 to tax the income u/s 115BBE was quashed, and the appeal was allowed.
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