Surrendered income from documented real estate dealings to be taxed at normal rate, not 60% u/s 115BBE.

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 recorded in the books of account and the assessee either earned commission or profit on all those Real Estate transactions. - A.O. is directed to tax the entire surrendered income at the normal rate of tax. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X