https://www.taxtmi.com/caselaws?id=310737 ITAT Amritsar held that surrendered income comprising excess cash, stock, and expenditure found during survey constituted business income rather than income from other sources. The assessee declared the income in return filed under presumptive scheme u/s 44AD. Revenue failed to establish any income source other than business. Addition u/s 69A of Rs. 49,89,638 was deleted and tax calculation u/s 115BBE was quashed, treating the surrendered income as business income. en-us Wed, 14 Jun 2023 00:00:00 +0530 Thu, 09 Nov 2023 20:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310737 ITAT Amritsar held that surrendered income comprising excess cash, stock, and expenditure found during survey constituted business income rather than income from other sources. The assessee declared the income in return filed under presumptive scheme u/s 44AD. Revenue failed to establish any income source other than business. Addition u/s 69A of Rs. 49,89,638 was deleted and tax calculation u/s 115BBE was quashed, treating the surrendered income as business income. Case-Laws Income Tax Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310737