https://www.taxtmi.com/caselaws?id=461515 The ITAT Jaipur held that surrendered income from sundry debtors and excess cash found during survey constituted business income taxable at normal rates, not under sections 69 & 69A. The tribunal determined this was not unexplained investment but receipt of amounts from debtors offered as regular business income. Since the assessee provided adequate explanation about the nature and source of unrecorded transactions establishing business nexus, and no adverse evidence was presented, the deeming provisions of sections 69 & 69A were inapplicable. The appeal was allowed, confirming taxation at normal rates rather than the higher rate under section 115BBE. en-us Wed, 31 Jul 2024 00:00:00 +0530 Thu, 10 Apr 2025 19:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461515 The ITAT Jaipur held that surrendered income from sundry debtors and excess cash found during survey constituted business income taxable at normal rates, not under sections 69 & 69A. The tribunal determined this was not unexplained investment but receipt of amounts from debtors offered as regular business income. Since the assessee provided adequate explanation about the nature and source of unrecorded transactions establishing business nexus, and no adverse evidence was presented, the deeming provisions of sections 69 & 69A were inapplicable. The appeal was allowed, confirming taxation at normal rates rather than the higher rate under section 115BBE. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461515