9911796707
TMI Blog2024 (8) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,57,590/- and no such gain was earned by his wife. Immediately the return was revised. Since the assessee himself has declared income as income from other sources, we do not find any merit in recharacterising the same as income u/s 69A of the Act. Further, on verification of the return of the wife of the assessee, we find that she has not earned any long term capital gain and the entire addition has been made only on the basis of surrender made by the assessee at the time of search. As decided in [ 2023 (11) TMI 333 - ITAT DELHI] assessee has not offered the income under Section 69A of the Act. Even, the Assessing Officer has not made any separate addition under Section 69A of the Act. He has merely re-characterized the nature of income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital gain existed in the name of his wife amounting to Rs. 19,45,312/-. 5. The Assessing Officer completed assessment by recharacterizing the income surrendered by the assessee as income u/s 69A of the Act and made addition of Rs. 20,54,688/- and further made addition of Rs. 19,45,312/- u/s 69C of the Act being long term capital gain in the hands of the wife of the assessee. 6. When the addition was challenged before the ld. CIT(A), he dismissed the appeal holding that the assessee has retracted from the statement given by him u/s 132(4) of the Act. 7. Before us, the ld. counsel for the assessee vehemently stated that the Assessing Officer could not have recharacterised the income returned by the assessee under the heard income from other s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee at the time of search. 12. On identical set of facts, the coordinate bench in ITA No. 1344/DEL/2021 had the occasion to adjudicate similar issue. The relevant findings read as under: 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 6 ITA Nos. 1344 /Del/2021- AY: 2017-18 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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