https://www.taxtmi.com/caselaws?id=456031 ITAT Amritsar allowed the assessee's appeal regarding excess cash found during survey operations. The assessee declared the cash originated from undeclared medicine sales, not property investments. The tribunal held that since the excess cash was generated from business activities, applying section 115BBE was incorrect. The cash should be taxed at normal rates rather than under the special provisions of section 115BBE. The appeal order was set aside and the assessment was directed to proceed under regular tax provisions. en-us Wed, 06 Dec 2023 00:00:00 +0530 Sat, 22 Jun 2024 07:17:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456031 ITAT Amritsar allowed the assessee's appeal regarding excess cash found during survey operations. The assessee declared the cash originated from undeclared medicine sales, not property investments. The tribunal held that since the excess cash was generated from business activities, applying section 115BBE was incorrect. The cash should be taxed at normal rates rather than under the special provisions of section 115BBE. The appeal order was set aside and the assessment was directed to proceed under regular tax provisions. Case-Laws Income Tax Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456031