TaxTMI 
TaxTMI 
2019 (5) TMI 857
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....isposed off by this common order for the sake of convenience and brevity. 3. At the first instance, I will deal with the appeal in ITA No. 372/Jodh/2018 in the case of Shri Deepak Kumar (HUF). 4. Following grounds have been raised in this appeal:- 1. That the order passed by the learned A.O. is against the law and facts applicable in the case of the assessee. 2. That the applicability of section 115BBE in the case of surrendered income in the course of survey is debatable issue and hence is not covered under the preview of section 154 and it is not a mistake apparent from records. 3. Without Prejudice to the above the learned A.O. has erred in charging the maximum marginal rate of 30% by applying the provisions of section 115BBE. ....
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.... accounts after 13.03.2014 but before 31.03.2014 and advance tax was paid thereon. Further the ITR u/s 139(1) of the Act, 1962 was filed on 30.07.2014 and due tax was paid thereon. 3. The assessee has filed the copy of his capital account and balance sheet as at 31.03.2014. 4. Section 69 of the Income Tax Act, 1961 is operative only when the investment is not "recorded in the books of account of the assessee at the time of ASSESSMENT in the said case the assessee had recorded. The value of 155 Bags of Guar in his books of accounts, before filing of Income Tax Return u/s 139(1) of the I.T.Act, 1961 and due tax was paid thereon. However, it is true that at the time of survey the said stock was not recorded in the books of accounts of th....
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....of sections 68 to 69D of the Act were not applicable. 9. The Ld. CIT(A) after considering the submissions of the assessee observed that the survey was conducted u/s 133A of the Act at the business premises of the assessee during which the assessee offered an amount of Rs. 7 lacs on account of incriminating documents and discrepancies, however, he calculated the tax on surrendered income at normal rate which was processed u/s 143(1) of the Act and subsequently was rectified by the Assessing Officer u/s 154 of the Act. According to him, the surrendered income fell within the provisions of section 69 / 69A / 69B / 69C of the Act and was to be treated as deemed income as it was unrecorded till the time it was found out by way of survey proceed....
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.... of stock and also in respect of incriminating documents. As per judicial pronouncements cited by the ld. AR and also the decision of Hon'ble Rajasthan high court in the case of Bajrang Traders in Income Tax Appeal No. 258/2017 dated 12/09/2017 I observe that the Hon'ble High Court in respect of excess stock found during the course of survey and surrender made thereof was found to be taxable under the head 'business and profession'. Similarly in respect of excess cash found out of sale of goods in which the assessee was dealing was also found to be taxable as business income. Applying the proposition of law laid down in the judicial pronouncements as discussed above, I hold that the lower authorities were not justified in taxing the sur....