Nature of income surrendered during the course of survey - ...

Tax Survey Income: Classification Debate u/s 69 vs. Business Income; Accounting Practices Influence Decision.

March 6, 2023

Case Laws Income Tax AT

Nature of income surrendered during the course of survey - Addition u/s 69 r/w section 115BBE or business income - Where the assessee has subsequently recorded the same in his books of accounts as part of business income, it cannot be said that the said action on part of the assessee is not in accordance with accepted accounting methodology and the nature of such income is other than business income. - AT

View Source

← Previous Next →

Nature of income surrendered during the course of survey - ...

Tax Survey Income: Classification Debate u/s 69 vs. Business Income; Accounting Practices Influence Decision.

March 6, 2023

Case Laws Income Tax AT

You may also like:

Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Surrender of income during survey - to be treated as Business income or taxable u/s 69 - AO was not justified in taxing the surrender made on account of excess stock and...

Revision u/s 263 - Additions u/s 69 r.w.s. 115BBE - excess stock found during the course of survey as admitted to be the undisclosed business income of the assessee, by...

Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

Correct head of income - receivables / debtors found during the course of survey u/s 133A - business income or deemed income u/s 69 - Applicability of higher rate of tax...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Addition u/s 69 - the income surrendered during the course of survey cannot be brought to tax under the deeming provisions of section 69 and the same has been rightly...

Nature of income surrendered during the course of survey u/s 133A - deemed income u/s 69 and 69A or business income - The surrender on account of advances were relating...

Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

Income surrendered during survey - whether is to be taxed u/s 69-A - whether set off losses u/s 70 and 71 is not permissible against such income? - Merely because an...

Addition u/s 68 v/s 69 - unexplained deposit in the bank account - sum was not credited in the books of accounts, but the amount was found credited in the bank account...

Quick Updates: