https://www.taxtmi.com/caselaws?id=768669 The ITAT Jaipur ruled in favor of the assessee regarding treatment of surrendered income from sundry debtors and excess cash found during survey. The AO had treated this as unexplained investment under sections 69 & 69A and applied higher tax rate under section 115BBE. The tribunal held that since the assessee voluntarily surrendered the income during survey proceedings and the AO accepted it without questioning the source or nature, it could not subsequently be treated as unexplained investment. Following the precedent in Silver Wings Life Spaces, the surrendered amounts should be taxed at normal rates rather than the higher rates prescribed under section 115BBE. en-us Tue, 11 Feb 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768669 The ITAT Jaipur ruled in favor of the assessee regarding treatment of surrendered income from sundry debtors and excess cash found during survey. The AO had treated this as unexplained investment under sections 69 & 69A and applied higher tax rate under section 115BBE. The tribunal held that since the assessee voluntarily surrendered the income during survey proceedings and the AO accepted it without questioning the source or nature, it could not subsequently be treated as unexplained investment. Following the precedent in Silver Wings Life Spaces, the surrendered amounts should be taxed at normal rates rather than the higher rates prescribed under section 115BBE. Case-Laws Income Tax Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768669