9911796707
TMI Blog2023 (2) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... nstead of assessing as income u/s 69A. 2. That the learned Commissioner of Income Tax (Appeals) is not justified in upholding Assessing Off icer's view that assessee has not surrendered undisclosed income during search proceedings." 3. Brief facts of the case are that during the relevant assessment year, the assessee was engaged as working partner in a partnership firm named M/s. C.LAL Realtors, which was engaged in the business of primarily broking in real estate and was entitled to salary from the firm and share in prof it/loss of the firm. The assessee also was engaged in property broking business of his own and also made investment in properties. 4. A Search & seizure operation u/s 132 of the Act was conducted on Ashish Begwani Grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bringing any contrary evidence on record, passed the assessment order where income tax return fi led by assessee was accepted, however AO treated the amount of business income of Rs. 42,36,027/- as income from other sources by invoking section 69A of the Act. AO also applied section 115BBE of the Act and raised a demand of Rs.22,72,340/-. 8. Before the Ld. CIT(A), the assessee reiterated its stand taken before the AO. The ld. CIT(A) confirmed the order of AO and thereby confirmed the demand of Rs.22,72,340/-. 9. Aggrieved the assessee f i led appeal before us. 10. At the outset, it was argued that it is relevant to point out that both AO and ld. CIT(A) has accepted the return of income fi led by the assessee, neither AO nor ld. CIT(A) ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Assessing Off icer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." 15. The provisions of Section 115BBE are as under: "115BBE. (1) Where the total income of an assessee,- (a) incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see filed return of income. There was no documents submitted by the assessee to prove that the jewellery has been purchased out of this income. Even if, it is so, the generation of undisclosed income and application of such income has been unraveled. It is a fact on record that the income earned has been undisclosed and has been unearthed only due to the action u/s 132 and the jewellery is only application of such undisclosed income. Hence, the provisions of Section 115BBE(1)(a) that where the total income of an assessee, includes any income referred to in section 69A and reflected in the return of income furnished under section 139, are evidently applicable in the instant case. 17. The order of the ld. CIT(A) is affirmed. 18. In the resu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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