https://www.taxtmi.com/highlights?id=74695 Addition u/s 69B r.w.s.115BBE - unexplained investment - higher rate of tax - amount offered during survey - The ITAT held that the assessee has submitted the details of outflow of funds, the onus is clearly on the Assessing officer to discharge this burden and record a specific finding in this regard and once the same is done, the onus can be shifted to the assessee to explain the nature and source of such investment. - The Tribunal further held that, the statement of the partner of the assessee firm recorded u/s 131 during the course of survey and subsequent affirmation thereof by the assessee by way of surrender letter on a standalone basis and without any corroborative evidence doesn’t fulfill the statutory mandate of deeming provisions. - The income has been rightly offered to tax by the assessee. en-us Wed, 07 Feb 2024 10:26:42 +0530 Wed, 07 Feb 2024 10:26:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74695 Addition u/s 69B r.w.s.115BBE - unexplained investment - higher rate of tax - amount offered during survey - The ITAT held that the assessee has submitted the details of outflow of funds, the onus is clearly on the Assessing officer to discharge this burden and record a specific finding in this regard and once the same is done, the onus can be shifted to the assessee to explain the nature and source of such investment. - The Tribunal further held that, the statement of the partner of the assessee firm recorded u/s 131 during the course of survey and subsequent affirmation thereof by the assessee by way of surrender letter on a standalone basis and without any corroborative evidence doesn’t fulfill the statutory mandate of deeming provisions. - The income has been rightly offered to tax by the assessee. Highlights Income Tax Wed, 07 Feb 2024 10:26:42 +0530 https://www.taxtmi.com/highlights?id=74695