9911796707
TMI Blog2023 (9) TMIX X X X Extracts X X X X X X X X Extracts X X X X ..... d [ 2023 (8) TMI 143 - ITAT CHANDIGARH] wherein they have held that income surrendered and sought to be taxed under the deeming provision of section 69 which is in the nature of business income could be brought to tax only @30%, as at the time of surrender the applicable rate was only 30% within section 115BBE - It is also pertinent to note that in the instant case there is absolutely no dispute that the assessee does not have any other income other than business income in the commission agent business. Hence, the only source of receipt for the assessee could be income from the business and that to at the time of surrender, the applicable tax rate was only 30%. Hence we hold that the additional income offered by the assessee in the sum whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. The appellant, therefore, pray that the appeal may be admitted and orders may be passed rendering justice to the appellant. 3. At the outset, we find that the appeal of the assessee is delayed by 2 days. The assessee has furnished an affidavit explaining the reasons for the delay. Considering the same, we are inclined to condone the delay and admit the appeal of the assessee for adjudication. 4. We have heard the rival submission and perused the material available on record. It is pertinent to note that this tribunal has already decided the appeal of the assessee up to AY 2016-17 vide its order dated 23.06.2023 wherein, all the appeals of the assessee for AYs 2011-12 to 2016-17 are allowed. During the course of hearing of those appeals, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the course of search would have to be construed as unexplained income u/s 69A so as to liable to taxed @60% as prescribed in section 115BBE of the Act. 8. It is admitted fact that the assessee had indeed surrendered Rs. 74,96,096/- as his regular business income earned on commission in the capacity of commission agent. The assessee is a proprietor of M/s. Garhwal Sabzi Bhandar, Vikashnagar. During the course of search operation carried out u/s 132 of the Act on the assessee on 01.12.2016, cash amounting to Rs. 27,54,530/- was found from the assessee. The assessee was able to explain the said cash from his withdrawals only to the tune of Rs. 4,12,000/-. The remaining sum of Rs. 23,42,530/- remain unexplained cash. When this was confron ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for AY 2017-18 dated 24.07.2023. Similar view was also taken in by the coordinate Bench of Chandigarh in ITA Nos. 588-599/CHD/2022 dated 27.07.2023 in case of Jain Plywood Vs. DCIT for AY 2018-19 wherein they have held that income surrendered and sought to be taxed under the deeming provision of section 69 which is in the nature of business income could be brought to tax only @30%, as at the time of surrender the applicable rate was only 30% within section 115BBE of the Act. It is also pertinent to note that in the instant case there is absolutely no dispute that the assessee does not have any other income other than business income in the commission agent business. Hence, the only source of receipt for the assessee could be income from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
