https://www.taxtmi.com/caselaws?id=457016 ITAT Jaipur allowed the appeal, quashing the AO's rectification order u/s 154 that sought to tax surrendered income from unaccounted stock at 30% u/s 115BBE. The tribunal held that unaccounted stock found during survey constitutes business income taxable under normal provisions, not under special rate provisions. The CIT(A) had misinterpreted facts by dismissing the appeal, noting no rectification application was filed by assessee. Since the surrendered income wasn't determined as falling under sections 68-69D and was accepted as business income, the higher tax rate under s.115BBE was inappropriate. en-us Mon, 17 Jul 2023 00:00:00 +0530 Sat, 31 Aug 2024 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457016 ITAT Jaipur allowed the appeal, quashing the AO's rectification order u/s 154 that sought to tax surrendered income from unaccounted stock at 30% u/s 115BBE. The tribunal held that unaccounted stock found during survey constitutes business income taxable under normal provisions, not under special rate provisions. The CIT(A) had misinterpreted facts by dismissing the appeal, noting no rectification application was filed by assessee. Since the surrendered income wasn't determined as falling under sections 68-69D and was accepted as business income, the higher tax rate under s.115BBE was inappropriate. Case-Laws Income Tax Mon, 17 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457016