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ITAT allowed the assessee-LLP's appeal, holding that undisclosed cash sales detected during survey u/s 133A, being proceeds from sale of flats, were inherently business receipts, not unexplained cash credits u/s 68. As the income arose from regular business activity accepted by the lower authorities, it was liable to be assessed as business income irrespective of its omission from turnover or expenses in the profit and loss account. Since there was no corresponding cash credit in the books, s.68 was inapplicable. The Tribunal also noted that, given identical tax rates for LLP business income and income u/s 115BBE, the entire exercise was tax neutral.
ITAT allowed the assessee-LLP's appeal, holding that undisclosed cash sales detected during survey u/s 133A, being proceeds from sale of flats, were inherently business receipts, not unexplained cash credits u/s 68. As the income arose from regular business activity accepted by the lower authorities, it was liable to be assessed as business income irrespective of its omission from turnover or expenses in the profit and loss account. Since there was no corresponding cash credit in the books, s.68 was inapplicable. The Tribunal also noted that, given identical tax rates for LLP business income and income u/s 115BBE, the entire exercise was tax neutral.
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