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        Case ID :
        Income Tax

        The ITAT upheld the CIT(A)'s deletion of the addition based on...

        ITAT Rules No Double Taxation on Surrendered Income, Bars Section 115BBE Taxation Without Deemed Income Assessment

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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.
                                The ITAT upheld the CIT(A)'s deletion of the addition based on estimating net profit at 2.24% of turnover, holding that such addition constituted double taxation since the surrendered income already accounted for discrepancies in books without rejection of accounts. Consequently, the ground challenging this addition was dismissed. Further, the Tribunal ruled that surrendered income disclosed under "Income from Other Sources" could not be taxed under section 115BBE as it was not assessed as deemed income under sections 68, 69, 69A, 69B, 69C, or 69D. The AO was accordingly directed not to apply section 115BBE, and the CIT(A)'s order in this regard was affirmed.
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