Distinction Between Business Income and Deemed Income in Income Tax Assessments: Higher rate of tax u/s 15BBE on Surrendered Income.

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..... ituation involving the interpretation and application of the Income Tax Act , specifically pertaining to the assessment of income and the applicable tax rate under Sections 69 , 69A , and 115BBE . The case arose from a survey conducted under Section 133A of the Income Tax Act at the business premises of the assessee, leading to the voluntary surrender of Rs. 8,480,000 as additional income& .....

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..... IT(A)) categorized the income as 'deemed income' under Sections 69 and 69A , attracting a tax rate of 60% under Section 115BBE ​​. Legal Interpretation of Sections 69 and 69A : Sections 69 and 69A target unexplained investments and unrecorded ownership of valuable items​​. The distinction between 'undisclosed' and 'un .....

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..... 03;​. In similar cases, income surrendered during surveys has been treated as business income when linked to business activities, rejecting the automatic application of deeming provisions​​. Application of Section 115BBE : Section 115BBE imposes a higher tax rate on certain incomes, including those covered under Sections 69 and 69A . The Tribun .....

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