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

Case Laws Income Tax

May 14, 2024

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.

View Source

← Previous Next →

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

Case Laws Income Tax

May 14, 2024

You may also like:

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...

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...

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...

Addition u/s 69A - amount surrendered during survey - application of section 115BBE - AO without making any addition u/s. 69A or any other provision of the Act has...

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...

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...

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...

The crux of the case revolves around the applicability of Section 69A read with Section 115BBE of the Income Tax Act on the addition made by the Assessing Officer (AO)...

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

Addition of income u/s 69A or Business income - surrender of income during survey proceedings - when all the incomes earned by the assessee are only from the business...

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...

Excess stock found during the course of survey - Additions u/s. 69B r.w.s. 115BBE - the additional income offered towards excess stock found during the course of survey...

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...

Quick Updates: