https://www.taxtmi.com/caselaws?id=762166 Non-payment of tax, surcharge and penalty under the Income Declaration Scheme, 2016 does not change the character of income declared under the scheme. Where the declared amount was undisputedly shown as capital gains from sale of agricultural land, it could not be recharacterised as unexplained income under section 68 read with section 115BBE merely because the scheme liability was not discharged. The amount was therefore required to be assessed under the declared head of capital gains in the year of declaration, and the addition as unexplained income was unsustainable. en-us Wed, 09 Oct 2024 00:00:00 +0530 Mon, 25 Nov 2024 19:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762166 Non-payment of tax, surcharge and penalty under the Income Declaration Scheme, 2016 does not change the character of income declared under the scheme. Where the declared amount was undisputedly shown as capital gains from sale of agricultural land, it could not be recharacterised as unexplained income under section 68 read with section 115BBE merely because the scheme liability was not discharged. The amount was therefore required to be assessed under the declared head of capital gains in the year of declaration, and the addition as unexplained income was unsustainable. Case-Laws Income Tax Wed, 09 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762166