Addition u/s 68/69A/69B and taxed the same u/s 115BBE - ...

Tribunal Corrects Double Taxation, Links Income to Business Activities, Approves Depreciation on Building Costs.

May 14, 2024

Case Laws Income Tax AT

Addition u/s 68/69A/69B and taxed the same u/s 115BBE - Surrendered income in survey - The Tribunal found that the income was directly linked to the assessee's regular business operations, negating the Revenue's claim of it being unexplained investment. The ITAT rectified the issue of double taxation by instructing the Assessing Officer to reassess the income appropriately and allowed the depreciation claim on the building costs, recognizing that the assessee had already paid taxes on the entire surrendered amount.

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Addition u/s 68/69A/69B and taxed the same u/s 115BBE - ...

Tribunal Corrects Double Taxation, Links Income to Business Activities, Approves Depreciation on Building Costs.

May 14, 2024

Case Laws Income Tax AT

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