Income surrendered during survey - Levy of higher rate of tax ...

Case Laws Income Tax

December 22, 2023

Income surrendered during survey - Levy of higher rate of tax u/s 115BBE - the income surrendered during the course of survey cannot be brought to tax under the deeming provisions of section 69B and the same has to be assessed to tax under the head “business income”. In absence of deeming provisions, the question of application of section 115BBE doesn’t arise and normal tax rate shall apply. - AT

View Source

← Previous Next →

Income surrendered during survey - Levy of higher rate of tax ...

Case Laws Income Tax

December 22, 2023

You may also like:

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...

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...

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...

Categorization of income - Undisclosed income surrendered during survey - Charging of tax rate u/s. 115BBE - CIT(A) granted relief to the assessee by charging income at...

Addition u/s 69 r.w.s. 115BBE - Higher rate of tax treating the surrendered income as unexplained investment / income - Amount surrendered during a survey due to stock...

Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

Addition u/s 69B - higher rate of tax u/s 115BBE - excess stock surrendered during the course of survey - There is no infirmity in the finding of Ld. CIT(A) rightly...

Revision u/s 263 - income offered during the course of survey - Applicable rate of tax - the explanation offered by the assessee during the course of survey regarding...

Revision u/s 263 - applicability of higher rate of tax is u/s 115BBE - incomes have been admitted by assessee during the course of survey and also offered as such in the...

Revision u/s 263 - Taxability of income disclosed in survey proceedings u/s 133A at Higher Rate of tax u/s 115BBE - ITAT quashed order treating the undisclosed income as...

Addition u/s 69B r.w.s.115BBE - during the course of survey action discrepancies were found on account of physical verification of stock vis-a-vis regular books of...

Revision u/s 263 - income surrendered during the survey - Levy of tax u/s 115BBE a higher rate of tax - the impugned order at best can be said to attempting to make out...

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...

Applicability of Higher Rate of Tax u/s 115BBE - the amount surrendered during survey was duly reflected in the books of account and the source it was declared/explained...

Quick Updates: