https://www.taxtmi.com/caselaws?id=442083 The Tribunal ruled in favor of the assessee, setting aside the additions made by the Assessing Officer and allowing the appeal. The surrendered business income was deemed genuine professional income, leading to the rejection of the AO's treatment under Section 69 of the Income Tax Act. Consequently, the disallowance of depreciation claim and addition in the value of the building were also overturned. The application of a higher tax rate under Section 115BBE was deemed inappropriate, resulting in the Tribunal's decision in favor of the assessee. en-us Fri, 21 Jul 2023 00:00:00 +0530 Fri, 25 Aug 2023 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442083 The Tribunal ruled in favor of the assessee, setting aside the additions made by the Assessing Officer and allowing the appeal. The surrendered business income was deemed genuine professional income, leading to the rejection of the AO's treatment under Section 69 of the Income Tax Act. Consequently, the disallowance of depreciation claim and addition in the value of the building were also overturned. The application of a higher tax rate under Section 115BBE was deemed inappropriate, resulting in the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Fri, 21 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442083