Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2024 Year 2024 This

The case involves determining the correct head of income u/s 69 ...


Survey revealed undisclosed income admitted as 'Business Income'. Tribunal held income from money lending business as 'Business Income'.

Case Laws     Income Tax

June 6, 2024

The case involves determining the correct head of income u/s 69 and 115BB for an assessee family engaged in money lending business. The ITAT held that the undisclosed income from sundry debtors should be treated as 'business income' due to the nature of the money lending business. The lack of proper accounting records was considered, and the undisclosed income was deemed to be ploughed back into the business. The ITAT directed the AO to re-compute the income accordingly. Additionally, a dispute u/s 56(2)(vii)(b) regarding property purchase was raised, and the ITAT directed the CIT(A) to consider the issue on merits.

View Source

 


 

You may also like:

  1. Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

  2. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

  3. Revision u/s 263 - Additions u/s 69 r.w.s. 115BBE - excess stock found during the course of survey as admitted to be the undisclosed business income of the assessee, by...

  4. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

  5. Chargeability of tax u/s 115BBE - Nature of income declared in survey proceedings u/s. 133A? - Undisclosed income u/s 69A and 69C or Business Income - when the...

  6. 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...

  7. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

  8. Revision u/s 263 - Taxability of income disclosed in survey proceedings u/s 133A at Higher Rate of tax u/s 115BBE - ITAT quashed order treating the undisclosed income as...

  9. Income declared in the survey carried out u/s 133A - Disallowance of salary to partners claimed u/s.40(b) - We are confronted with a situation, in which both the source...

  10. Claim of partner’s salary u/s 40(b) against income disclosed during survey – at the time of survey, assessee disclosed the entire income as business income, the AO was...

  11. Block assessment - computation of undisclosed income of block period under Section 158BB - Reliance on material gathered in the course of survey - the Tribunal set aside...

  12. Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

  13. Penalty levied u/s. 271(1)(c) - undisclosed income surrendered during the course of survey - Assessee cannot be held to have concealed or furnished the particulars of...

  14. Treatment of income surrendered during the survey - income subject to special rate of tax OR Business income - provisions of section 115BBE without allowing set off of...

  15. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

 

Quick Updates:Latest Updates