MRS. KIRAN BALA,LUDHIANA vs. DCIT, CC-III, LUDHIANA

ITA 254/CHANDI/2023Status: DisposedITAT Chandigarh26 March 2024AY 2019-20Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)48 pages
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What did the Tribunal hold?

The Tribunal held that the surrendered income should be treated as business income, not unexplained investment under Sections 69A and 69B. Consequently, Section 115BBE was not applicable.

What were the facts?

During a survey, the assessee surrendered Rs. 24,25,000/- as income from excess stock, excess cash, and unexplained debtors. The Assessing Officer (AO) treated this as unexplained investment and money under Sections 69A and 69B, taxable under Section 115BBE.

What were the issues?

Whether surrendered income found during a survey, representing excess stock, cash, and debtors, can be treated as unexplained investment under Section 69A/69B or as business income. Applicability of Section 115BBE on such income.

Which sections of the Income-tax Act were involved?

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

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Income Tax Appellate Tribunal, CHANDIGARH

Before: SHRI A.D.JAIN & SHRI VIKRAM SINGH YADAV

For Appellant: Shri Tej Mohan Singh, Advocate
Hearing: 20.02.2024Pronounced: 26.03.2024

PER A.D.JAIN, VICE PRESIDENT

This is assessee's appeal for assessment year 2019-20

against the order dated 29.03.2023 passed by the ld. CIT(A)-

5, Ludhiana. The following grounds have been taken :

1.

That the Ld. Commissioner of Income Tax (Appeals) has erred, in law as well as on facts in upholding the invocation of provisions of section 69A of the Act on the surrendered amount of Rs.24,25,000/- treating the same to be income from other sources as against declared business incom

The order continues below.

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