ITAT resolved tax dispute regarding surrendered income from ...

Tax Dispute Resolved: Survey Income Taxed at Normal Rates, Not Punitive Rates Under Section 115BBE

April 11, 2025

Case Laws Income Tax AT

ITAT resolved tax dispute regarding surrendered income from sundry debtors, determining that income disclosed during survey proceedings should be taxed at normal rates rather than punitive rates under Section 115BBE. The tribunal found that since the assessment proceedings accepted the return and did not challenge the source or details of income during survey, the AO could not subsequently characterize the income as unexplained under Sections 69 and 69A. The bench emphasized that when source and nature of income were already considered and accepted, the amounts must be subjected to standard taxation rates. The decision aligned with precedent in Silver Wings Life Spaces, ultimately ruling in favor of the assessee.

View Source

← Previous Next →

ITAT resolved tax dispute regarding surrendered income from ...

Tax Dispute Resolved: Survey Income Taxed at Normal Rates, Not Punitive Rates Under Section 115BBE

April 11, 2025

Case Laws Income Tax AT

You may also like:

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

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...

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...

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...

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...

The Income Tax Appellate Tribunal (ITAT) held that the assessee is entitled to the concessional tax rate of 10% on royalty income u/s 115BBF, as the assessee had...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

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...

ITAT determined that a registered charitable trust's income should be taxed at normal rates rather than maximum marginal rates, despite undefined trustee shares. While...

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...

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...

ITAT set aside CIT(A)'s orders concerning taxation of rental income earned by an AOP under s.167B. While co-ownership agreement specified determinate shares,...

The Direct Tax Vivad Se Vishwas Act, 2020 aims to settle tax disputes. The term "appeal" under the Act includes writ petitions challenging tax orders, as per Supreme...

Reforms in Tax Rates - tax rates of the major countries of Asia

RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

Quick Updates: