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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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Excess cash and stock found during survey proceedings were treated as income from undisclosed sources, liable for taxation u/s 115BBE. The Assessing Officer (AO) ordered taxation but failed to compute tax per Section 115BBE, rendering the order prejudicial to revenue interests. Regarding excess stock, the assessee's justification was rejected, and the unexplained portion was added to income. However, the AO consciously did not apply Section 115BBE, taking a plausible view that the income emerged from business. The Tribunal considered the AO's order prejudicial for not charging tax u/s 115BBE on the disclosed income but found no issue with the treatment of excess stock income as business income, as the AO applied their mind. The assessee's ground was partly allowed.
Excess cash and stock found during survey proceedings were treated as income from undisclosed sources, liable for taxation u/s 115BBE. The Assessing Officer (AO) ordered taxation but failed to compute tax per Section 115BBE, rendering the order prejudicial to revenue interests. Regarding excess stock, the assessee's justification was rejected, and the unexplained portion was added to income. However, the AO consciously did not apply Section 115BBE, taking a plausible view that the income emerged from business. The Tribunal considered the AO's order prejudicial for not charging tax u/s 115BBE on the disclosed income but found no issue with the treatment of excess stock income as business income, as the AO applied their mind. The assessee's ground was partly allowed.
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