AJAY KUMAR,RAJPURA, PATIALA. vs. INCOME TAX OFFICER, WARD RAJPURA, PATIALA, PUNJAB, WARD RAJPURA, PATIALA, PUNJAB

ITA 354/CHANDI/2024Status: DisposedITAT Chandigarh10 September 2026AY 2017-185 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the surrendered income should be treated as business income and taxed at the normal rate. The higher tax rate under Section 115BBE is applicable only from Financial Year 2017-18 onwards.

What were the facts?

During a survey, the assessee surrendered Rs. 75 Lacs as business income due to discrepancies in cash and stock. The Assessing Officer applied a higher tax rate of 60% under Section 115BBE, which the CIT(A) confirmed.

What were the issues?

The primary issue is the applicable rate of tax on income surrendered during a survey. Another issue is whether the enhanced tax rate under Section 115BBE applies to the assessment year in question.

Which sections of the Income-tax Act were involved?

Section 115BBE,Section 133A,Section 144,Section 69B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, CHANDIGARH

Before: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM & HON’BLE SHRI RAJESH DAMODARLAL SHARMA, JM

MANOJ KUMAR AGGARWAL (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals)-5, Ludhiana [CIT(A)] dated 10.02.2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] on best judgment basis u/s 144 of the Act on 05.11.2019. The only issue that fall for our consideration is to determine applicable rate of tax on survey surrender

income. Having heard rival submissions, the appeal is

The order continues below.

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