https://www.taxtmi.com/caselaws?id=380129 The court considered the application of section 115BBE to surrendered income during a survey, with conflicting interpretations on whether the surrendered amount should be taxed at the maximum marginal rate of 30%. The court debated the provisions of section 69 and 115BBE, ultimately ruling in favor of the assessee by concluding that excess stock surrender should not be taxed under section 115BBE. Additionally, the court held that section 154 for tax rectification was not applicable due to the debatable nature of the tax calculation issue, allowing the appeals of the assessees involved in similar cases. en-us Fri, 10 May 2019 00:00:00 +0530 Mon, 13 May 2019 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380129 The court considered the application of section 115BBE to surrendered income during a survey, with conflicting interpretations on whether the surrendered amount should be taxed at the maximum marginal rate of 30%. The court debated the provisions of section 69 and 115BBE, ultimately ruling in favor of the assessee by concluding that excess stock surrender should not be taxed under section 115BBE. Additionally, the court held that section 154 for tax rectification was not applicable due to the debatable nature of the tax calculation issue, allowing the appeals of the assessees involved in similar cases. Case-Laws Income Tax Fri, 10 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380129