Tag: section 115BBE

Unexplained credits in bank statements are taxable under section 69 – High Court In a recent judgment, Hon’ble Madras High Court has held that unexplained credits in bank statements are taxable under section 69 as this provision applies to unexplained investments that are not recorded in books of …

Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITAT  In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …

Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …

Unless, discrepancy is found in physical quantities, assessee agreeing to increase stock value does not amount to undisclosed stock u/s 69B taxable u/s 115BBE In a recent judgment, ITAT Chennai has held that unless discrepancy is found in physical quantities, of stock, assessee merely agreeing to increase stock …

Applicability of provisions of Section 115BBE  read with Section 69, 69A and 69C in a case arising before Settlement Commission – Allahabad HC directs AO decide the issue In a recent judgment, the Hon’ble Allahabad High Court has directed AO to examine non applicability of Section 115BBE read …

ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee  In a recent case, the ITAT has directed AO to serve notice of hearing both through electronic and physical mode as the assessee was a non-return filer and did not know …

Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has held that provisions of section 69 of the Income Tax Act, 1961 (the Act) not applicable on the profit from trading of speculative Transactions, hence higher rate of …

It is quite reasonable and logical for a married daughter to keep her jewellery with her mother. ITAT deleted addition u/s 69 for jewellery found in locker In a recent judgment ITAT has deleted the addition of jewellery found in locker holding that it is quite reasonable and …

Income returned under other sources can not be recharacterised as income u/s 69A and subjected to higher tax u/s 15BBE – ITAT In a recent judgment, ITAT has held that Income returned by the assessee under the head income other sources can not be recharacterised as income u/s …

Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …