9911796707
TMI Blog2023 (4) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has no other business then the present business and the income declared is out of the business of the assessee, we are of view that the matter needs to be re-examined at the end of AO. We therefore restore the issue back to the file of AO, and direct him to give a categorical finding as to whether the income declared by the assessee is business income or income from other sources. Assessee is also directed to promptly furnish the details called for by the AO. Thus, this ground of assessee is allowed for statistical purposes. - ITA No. 1630/Del/2022 - - - Dated:- 31-3-2023 - SH. ANIL CHATURVEDI , ACCOUNTANT MEMBER AND SH. N. K CHOUDHRY , JUDICIAL MEMBER For the Assessee : Dr. Rakesh Gupta , Advocate Shri Deepash Garg , Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s further erred in charging tax as per provisions of section 115BBE and that too by recording incorrect facts and findings and without appreciating the facts and circumstances of the case and in violation of principles of natural justice. 2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in treating a sum of Rs.4,06,00,000/- as undisclosed income w/s 69A and 69C and further erred in charging tax as per provisions of section 115BBE, is bad in law and against the facts and circumstances of the case and Ld. CIT(A) further erred in not appreciating/considering the fact that assessed income has got direct nexus with the business income of assessee. 6. Before us, Ld. AR submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... horities and further submitted that the income surrendered during the course of survey was the business income which was represented by difference in stock, construction and renovation of factory building, purchase of silver catalyst which was used in the business and renovation of flat used for the purpose of business. He submitted that since the amount that was surrendered was business income, the same was liable to be taxed u/s. 28 of the I.T Act and therefore it should suffer normal tax rate of 30% and not the high tax rate as per section 115BBE of the Act. He further submitted that the investigation during the course of survey did not show any other business or activity being run by the assessee and therefore the income surrendered by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontention of the assessee is that the assessee has no other business then the present business and the income declared is out of the business of the assessee, we are of view that the matter needs to be re-examined at the end of AO. We therefore restore the issue back to the file of AO, and direct him to give a categorical finding as to whether the income declared by the assessee is business income or income from other sources. Needless to state that AO shall grant adequate opportunity of hearing to the assessee. Assessee is also directed to promptly furnish the details called for by the AO. Thus, this ground of assessee is allowed for statistical purposes. 11. In the result, appeal of the assessee is partly allowed. Order pronounced i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
