9911796707
TMI Blog2023 (11) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... rate under Section 115 BBE of the Income-Tax Act, 1961. 2. Briefly, the facts are, assessee is a resident individual. A search and seizure operation under Section 132 of the Act was carried out on the assessee on 11.08.2016. In course of search and seizure operation, a loose paper/document was found from the wallet of the assessee, wherein, the amount of Rs. 30.20 crores was mentioned against the noting "com trade". When the seized document was confronted to the assessee, in a statement recorded under Section 132(4) of the Act, assessee stated that the figures mentioned in the seized document represent profit from offline commodity trading. Accordingly, he surrendered the amount of Rs. 30,20,00,000 as income in assessment year 2017-18 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee and Shri Ajay Wadhwa, learned counsel for the assessee. Short issue arising for consideration is whether special rate of tax provided under Section 115BBE of the Act would be applicable to the income surrendered by the assessee in course of search and seizure operation and offered in the return of income. 7. As discussed earlier, in course of search and seizure operation carried out in case of the assessee, a loose paper/document was found from the possession of the assessee, wherein, amount of Rs. 30,20,00,000 was mentioned with the description "Com Trade". In the statement recorded under Section 132(4) of the Act in course of search and seizure operation, when the assessee was confronted with the said loose paper/documen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a natural corollary, section 115BBE of the Act would not be applicable. 9. Having held so, we may further add that a reading of section 115BBE of the Act makes it clear that the special rate of tax provided under the said provisions shall be applicable under two conditions. Firstly, where the total income includes any income referred to in sections 68, 69A, 69B, 69C or 69D and reflected in the return of income under Section 139 of the Act. Secondly, if the income determined by the Assessing Officer includes any income referred to, in sections 68, 69, 69A, 69B, 69C or 69D, if such income is not covered under the first condition. In the facts of the present appeal, admittedly, assessee has not offered the income under Section 69A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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