https://www.taxtmi.com/caselaws?id=445495 The ITAT Amritsar held that surrendered income used for constructing business assets should be treated as business income rather than subject to higher tax rates under section 115BBE. The assessee had disclosed the surrendered amount as business income with proper explanation of source during survey and assessment proceedings, reflecting it in books of account. The tribunal distinguished adverse precedents where amounts were not reflected in books or sources unexplained. Following the coordinate bench decision in Arora Alloys Ltd, the tribunal directed the Assessing Officer to treat the surrendered income used for building construction as business income, rejecting the application of higher tax rates. en-us Wed, 13 Sep 2023 00:00:00 +0530 Thu, 09 Nov 2023 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445495 The ITAT Amritsar held that surrendered income used for constructing business assets should be treated as business income rather than subject to higher tax rates under section 115BBE. The assessee had disclosed the surrendered amount as business income with proper explanation of source during survey and assessment proceedings, reflecting it in books of account. The tribunal distinguished adverse precedents where amounts were not reflected in books or sources unexplained. Following the coordinate bench decision in Arora Alloys Ltd, the tribunal directed the Assessing Officer to treat the surrendered income used for building construction as business income, rejecting the application of higher tax rates. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445495