https://www.taxtmi.com/caselaws?id=445442 The Tribunal dismissed the Revenue's appeal, upholding the decision of the Commissioner (Appeals) that the special tax rate under Section 115BBE of the Income-Tax Act, 1961, was not applicable to the income surrendered by the assessee during a search and seizure operation. The Tribunal found the explanation regarding the source of the surrendered income as satisfactory, classifying it as business income from commodity trading rather than unexplained money under Section 69A. Consequently, the income was subject to normal tax rates, not the special rate under Section 115BBE. en-us Fri, 27 Oct 2023 00:00:00 +0530 Wed, 08 Nov 2023 09:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445442 The Tribunal dismissed the Revenue's appeal, upholding the decision of the Commissioner (Appeals) that the special tax rate under Section 115BBE of the Income-Tax Act, 1961, was not applicable to the income surrendered by the assessee during a search and seizure operation. The Tribunal found the explanation regarding the source of the surrendered income as satisfactory, classifying it as business income from commodity trading rather than unexplained money under Section 69A. Consequently, the income was subject to normal tax rates, not the special rate under Section 115BBE. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445442