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        Case ID :
        Income Tax

        Addition u/s 69 r.w.s. 115BBE - Higher rate of tax treating the...

        Ruling: Surrendered Income from Stock Discrepancies Not Taxable Under Harsh Provisions, Deemed Regular Business Income.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                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 discrepancies and an excess cash amount. - The Tribunal concluded that since the income from the surrendered stock was from regular business operations, it should not be taxed under the harsher provisions of Section 115BBE. They pointed out that the Assessee's books were audited and no discrepancies other than those already declared were found. Thus, the addition made by the AO under Section 115BBE was overturned.
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