Surrendered Income from Unrecorded Sales Not Taxable u/s 115BBE Due to Accepted Explanation by Assessee.

Surrendered Income from Unrecorded Sales Not Taxable u/s 115BBE Due to Accepted Explanation by Assessee. https://www.taxtmi.com/highlights?id=52185 Taxation of surrendered income - taxability u/s 115BBE - the assessee had given complete explanation regarding the source of entries recorded in the diary, which were explained to be part of unrecorded sales and the AO also did not object to the said explanation. Therefore, addition cannot be made u/s 69A - and if the addition cannot be made u/s 69A, the provisions of section 115BBE will not be applicable. - AT en-us Fri, 06 Mar 2020 12:28:41 +0530 Fri, 06 Mar 2020 12:28:41 +0530 TaxTMI RSS Generator Surrendered Income from Unrecorded Sales Not Taxable u/s 115BBE Due to Accepted Explanation by Assessee. https://www.taxtmi.com/highlights?id=52185 Taxation of surrendered income - taxability u/s 115BBE - the assessee had given complete explanation regarding the source of entries recorded in the diary, which were explained to be part of unrecorded sales and the AO also did not object to the said explanation. Therefore, addition cannot be made u/s 69A - and if the addition cannot be made u/s 69A, the provisions of section 115BBE will not be applicable. - AT Highlights Income Tax Fri, 06 Mar 2020 12:28:41 +0530 https://www.taxtmi.com/highlights?id=52185