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The case involves determining the correct head of income u/s 69 and 115BB for an assessee family engaged in money lending business. The ITAT held that the undisclosed income from sundry debtors should be treated as 'business income' due to the nature of the money lending business. The lack of proper accounting records was considered, and the undisclosed income was deemed to be ploughed back into the business. The ITAT directed the AO to re-compute the income accordingly. Additionally, a dispute u/s 56(2)(vii)(b) regarding property purchase was raised, and the ITAT directed the CIT(A) to consider the issue on merits.
The case involves determining the correct head of income u/s 69 and 115BB for an assessee family engaged in money lending business. The ITAT held that the undisclosed income from sundry debtors should be treated as 'business income' due to the nature of the money lending business. The lack of proper accounting records was considered, and the undisclosed income was deemed to be ploughed back into the business. The ITAT directed the AO to re-compute the income accordingly. Additionally, a dispute u/s 56(2)(vii)(b) regarding property purchase was raised, and the ITAT directed the CIT(A) to consider the issue on merits.
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