9911796707
TMI Blog2023 (9) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... THAT:- There is no dispute about the quantum of addition to be made nor was there any dispute regarding the head of income under which the same was to be assessed to tax. Admittedly, the income offered, during the course of survey proceedings, was credited to the Profit Loss Account and it was stated that the additional income is derived from the business of Hotel carried on by the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Briefly, the facts of the case are that the appellant is a HUF and is engaged in the business of Hotel under the name and style of Hotel Hill Top . The Return of Income for the assessment year 2019-20 was filed on 19.02.2020 declaring total income of Rs. 30,80,930/-. Against the said return of income, the assessment was completed by the Asst. Commissioner of Income Tax, Central Circle, Kolh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous year relevant to the assessment year 2019-20, a sum of Rs. 13,46,586/- was not accounted in the books of account of HUF. When this information was confronted to the managing partner of the assessee, Shri Ashish Korgaokar, who is Karta of HUF, accepted that these are the business receipts and agreed to offer the tax and this amount was also credited to the Profit Loss Account. However, the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the head business and credited to the Profit Loss Account and the same was assessed under the head income from business . Having chosen to assess the additional income under the head income from business , the Assessing Officer is barred to apply the provisions of section 115BBE of the Act. 6. On the other hand, ld. Sr. DR placing reliance on the order of the ld. CIT(A) submits that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... additional income is derived from the business of Hotel carried on by the appellant. Admittedly, the assessee had offered such additional income under the head income from business and the Assessing Officer also assessed the same under the head income from business . Thus, it cannot be said that the source for additional income remains unexplained. Therefore, the provisions of section 115BBE h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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