Surrender of Income during survey

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..... Surrender of Income during survey
Query (Issue) Started By: - Sanjay Aggarwal Dated:- 14-8-2010 Last Reply Date:- 15-8-2010 Income Tax
Got 1 Reply
Income Tax
A survey was conducted on the assessee in December, 2009. The survey party did not find anything descremenating. However, the assessee was forced to surrender an amount of Rs. 1 crore on the basis of some jottings made by the as .....

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..... sessee containing dates falling in FY 2009-2010. The assessee while recording the statement, pleaded that no penalty be levied on this amount and paid the tax on this income. The assessee subsequently, in the month of January 2010, deposited the surrendered amount in his bank account. As already stated, the assessee has already deposited tax on this income. So that no penalty is levied on this .....

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..... income, The queries are as under:- Under what head of Income, this income should be declared by the assessee? Is assessee required to disclose the source of this cash and prove source of this cash Reply By DARSHAN JAIN: The Reply: Declaration according to you is made on the basis of some Jotting, which is incriminating doc u/s.292C of the Act. You have stated that declaration was made on the bas .....

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..... is of such jottings. The nature of jottings, in fact, would determine the head of income under which income is to be offered. Penalty cannot be levied if income pertaining to the year of survey is duly disclosed in assessee's return of income. You may note that s.271AAA is not applicable to proceedings u/s.133A and hence there is no requirement to specify / substantiate the manner in which the und .....

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..... isclosed income was derived.
Discussion Forum - Knowledge Sharing .....

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