https://www.taxtmi.com/caselaws?id=447288 ITAT held that the Rs.50 lakh surrendered during survey were unrecorded receipts linked to the assessee's business and, lacking independent physical identity, could not be treated as undisclosed assets under s.69B; accordingly the deeming provisions and s.115BBE were inapplicable. The amount must be assessed as income from business/profession at the normal tax rate. The AO was directed to assess the Rs.50 lakh under business income and apply normal rates. Appeal allowed. en-us Fri, 01 Dec 2023 00:00:00 +0530 Fri, 14 Nov 2025 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447288 ITAT held that the Rs.50 lakh surrendered during survey were unrecorded receipts linked to the assessee's business and, lacking independent physical identity, could not be treated as undisclosed assets under s.69B; accordingly the deeming provisions and s.115BBE were inapplicable. The amount must be assessed as income from business/profession at the normal tax rate. The AO was directed to assess the Rs.50 lakh under business income and apply normal rates. Appeal allowed. Case-Laws Income Tax Fri, 01 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447288