https://www.taxtmi.com/caselaws?id=456203 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s classification of Rs. 12,45,40,000 as business income under section 28 of the Income-tax Act, 1961, rather than undisclosed income under sections 69 and 115BBE. It found the income from commodity trading was disclosed during a search and aligned with the seized documents. The Tribunal determined that section 69C was inapplicable as the income was not from investment but from trading. The Tribunal upheld the Assessing Officer's acceptance of the income as business income and deemed the assessee's cross-objection unnecessary, finalizing the matter on 03.04.2024. en-us Wed, 03 Apr 2024 00:00:00 +0530 Sat, 06 Jul 2024 06:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456203 The ITAT dismissed the Revenue's appeal, affirming the CIT(A)'s classification of Rs. 12,45,40,000 as business income under section 28 of the Income-tax Act, 1961, rather than undisclosed income under sections 69 and 115BBE. It found the income from commodity trading was disclosed during a search and aligned with the seized documents. The Tribunal determined that section 69C was inapplicable as the income was not from investment but from trading. The Tribunal upheld the Assessing Officer's acceptance of the income as business income and deemed the assessee's cross-objection unnecessary, finalizing the matter on 03.04.2024. Case-Laws Income Tax Wed, 03 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456203