During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains...

During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains from the sale of shares as additional income u/s 132(4). The Assessing Officer (AO) completed the assessment by recharacterizing the surrendered income as income u/s 69A and made an addition accordingly. However, the assessee admitted to earning long-term capital gains along with his wife, which was initially claimed as exempt income but later offered for taxation. The assessee revised the return, declaring the actual gain of Rs. 20,57,590/- earned solely by him, not his wife. Since the assessee voluntarily declared the income as income from other sources, recharacterizing it u/s 69A was deemed unjustified. Additionally, upon verifying t..... .....

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