9911796707
TMI Blog2023 (7) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... URI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)-12, Pune ['the CIT(A)'] dated 03.02.2023 for the assessment year 2019-20. 2. Briefly, the facts of the case are that the appellant is an individual deriving income under the head "business". It is engaged in the business of dealing in agricultural equipments i.e. seed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Account. Similarly, it was found that the assessee had incurred expenditure in construction of the property i.e. "Pande Square" of Rs. 32,58,608/-, the source of same was not explained and it was agreed to offer to tax. In the return of income, the appellant had offered this income by crediting the same to the Profit & Loss Account. The Assessing Officer, while accepting the income returned, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om business". Therefore, he submits that having assessed the additional income under the head "Income from business", he cannot subject such income to tax u/s 115BBE of the Act. He also placed reliance on the decision of the Hon'ble Rajasthan High Court in the case of CIT vs. Bajargan Traders, 86 taxmann.com 295 (Rajasthan). 6. On the other hand, ld. Sr. DR placed reliance on the orders of the lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n account of alleged expenditure incurred on construction of the commercial building was offered to tax by crediting the same amount to the Profit & Loss Account. Thus, the income was offered to tax under the head "Income from business", the Assessing Officer also assessed the same under the head "Income from business". Therefore, the presumption is to be drawn that the additional income was deriv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT (A) are reversed and direct the Assessing Officer not to tax the additional income under the provisions of section 115BBE of the Act. The Assessing Officer shall tax the additional income under the normal rate of income tax. Accordingly, the grounds of appeal filed by the assessee stand allowed. 8. In the result, the appeal filed by the assessee stands allowed. Order pronounced on this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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