https://www.taxtmi.com/caselaws?id=753608 ITAT Chennai held that income admitted during survey proceedings by assessee family engaged in money lending business for over 20 years should be assessed as business income rather than undisclosed investments under Section 69. The tribunal found that discrepancies in sundry debtors arose from normal money lending operations, as the family had no other substantial income sources. The differential in debtors between two dates represented undisclosed business income that was reinvested into lending activities. Provisions of Section 69 read with Section 115BBE were deemed inapplicable. AO was directed to recompute income treating it as business income. Additionally, CIT(A) was directed to adjudicate on merits an additional ground regarding stamp duty value differences that was previously rejected on technical grounds. en-us Mon, 03 Jun 2024 00:00:00 +0530 Thu, 06 Jun 2024 08:22:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753608 ITAT Chennai held that income admitted during survey proceedings by assessee family engaged in money lending business for over 20 years should be assessed as business income rather than undisclosed investments under Section 69. The tribunal found that discrepancies in sundry debtors arose from normal money lending operations, as the family had no other substantial income sources. The differential in debtors between two dates represented undisclosed business income that was reinvested into lending activities. Provisions of Section 69 read with Section 115BBE were deemed inapplicable. AO was directed to recompute income treating it as business income. Additionally, CIT(A) was directed to adjudicate on merits an additional ground regarding stamp duty value differences that was previously rejected on technical grounds. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753608