Computation of tax u/s 115BBE - as argued when no income was ...

Case Laws Income Tax

December 20, 2023

Computation of tax u/s 115BBE - as argued when no income was brought to tax u/s 68, 69, 69A, 69B, 69C or 69D, then no computation of tax u/s 115BBE was required to be made - A perusal of the assessment order would suggest that there is no addition under these sections mentioned above and there could not be any computation of tax under section 115BBE. This ground of the assessee is allowed. - AT

View Source

← Previous Next →

Computation of tax u/s 115BBE - as argued when no income was ...

Case Laws Income Tax

December 20, 2023

You may also like:

Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

Amendment of section 115BBE. - tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D - no deduction in...

Unexplained cash found during the search action - AO has not pointed out any unexplained credit in the books of account, any unexplained investment, any unexplained...

Disallowance of illegal expenses - A little bit of interplay between Section 115BBE and Section 37(1) of the Act might throw more light on both the provisions. If a loss...

Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective - Section 115 BBE was inserted by Finance Act 2012 w.e.f...

Addition on account of cash found short u/s 68 and also holding that the same to be taxed u/s 115BBE - Cash short, at the most represents expenses / outgoings out of...

Revision u/s 263 - Failure of AO levy tax u/s 115BE for the additions made u/s 68 - AO having made addition u/s 68 of the Act, taxing it at the rate prescribed u/s...

Set off un-absorbed depreciation against the deemed income under section 69, 69A, 69B and 69C allowed - AT

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

When additions are made under section 68, 69, 69A, 69B and 69C, no deduction is allowed in respect of any expenditure if assessee fails to explain such income as taxable...

Deemed income u/s 69/69A/69B r.w.s.115BBE - Higher rate of tax u/s 115BBE confirmed on Excess Found during survey since assessee failed to prove the connection with...

Undisclosed income u/s 68 and 69 - Tax liability u/s 115BBE - section 115BBE does not apply to the income, the source of which is business. - the undisclosed income...

Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act,...

Charging section for discrepancy between book value and physical value of capital work in progress- ITAT observed that the same cannot be taxed u/s 69C of the Income Tax...

Quick Updates: