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TMI Blog2021 (5) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... tment, any unexplained money, bullion or jewellery, any unexplained expenditure or any amount of loan repaid in the assessment order in this respect. Therefore, the provisions of Section 68, 69, 69A, 69B, 69C and 69D are not attracted on the surrendered . The said amount of ₹ 15 lacs was offered in case any discrepancy is found in the books of account. However, in actual neither any unexplained investment nor any unexplained expenditure or otherwise any unexplained asset was found during the search action so far as the aforesaid surrender of ₹ 15 lacs was concerned. In these circumstances, the aforesaid surrender of ₹ 15 lacs can be said to have been offered to cover up the discrepancies in respect of likely disallowanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxation of income surrendered u/s. 1115BBE, despite the fact that it has not be assessed by the Ld. AO u/s. 68, section 69, Section 69A, section 69B, Section 69C or section 69D c) The assessee craves right to take any other ground at the time of hearing or to amend/alter/delete any of the grounds of appeals.. 2. The assessee through the above ground of appeal has agitated the action of the lower authorities in invoking the provision of Section 115BBE of the Income Tax Act on the surrendered income of ₹ 15 lacs and thereby assessing the said income at a higher rate as against the normal rate of taxation applicable to business income. 3. The brief facts relevant to the issue are that a search seizure action was carried o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has submitted that neither any incriminating material nor any unexplained expenditure was found during the search action in respect of the aforesaid ₹ 15 lacs surrendered by the assessee company. That the amount of ₹ 15 lacs was surrendered as business income to cover up any discrepancy in the accounts relating to the allowances or disallowances etc.; that may be made by the AO while assessing the business income. He, therefore, has submitted that action of the AO in invocation of the provisions of Section 115BBE was not justified. The ld. DR on the other hand has relied upon the findings of the lower authorities. 8. We have considered the rival submissions and gone through the record. For the sake of ready reference, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of account, any unexplained investment, any unexplained money, bullion or jewellery, any unexplained expenditure or any amount of loan repaid in the assessment order in this respect. Therefore, the provisions of Section 68, 69, 69A, 69B, 69C and 69D are not attracted on the surrendered amount of ₹ 15 lacs. The said amount of ₹ 15 lacs was offered in case any discrepancy is found in the books of account. However, in actual neither any unexplained investment nor any unexplained expenditure or otherwise any unexplained asset was found during the search action so far as the aforesaid surrender of ₹ 15 lacs was concerned. In these circumstances, the aforesaid surrender of ₹ 15 lacs can be said to have been of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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