2021 (5) TMI 956

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....has taken following grounds of appeal:- "1. A) That the Ld. CIT(A) has erred in law and facts of the case by upholding the taxation of income surrendered u/s. 1115BBE, despite the fact that it did not fall u/s. 68, section 69, Section 69A, section 69B, Section 69C or section 69D and was reflected under the head ' Income from business or profession' in the return of income filed by the assessee. b) That the Ld. CIT(A) has erred in law and facts of the case by upholding the taxation of income surrendered u/s. 1115BBE, despite the fact that it has not be assessed by the Ld. AO u/s. 68, section 69, Section 69A, section 69B, Section 69C or section 69D c) The assessee craves right to take any other ground at the....

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.... by the AO in this respect, the assessee revised its return and offered additional income of Rs. 15 lacs as its business income. However, the AO treated the aforesaid income as income from unexplained sources and invoked the provisions of Section 115BBE and charged the tax at a higher rate. 6. On being aggrieved on the invocation of provision of Section 115BBE, assessee preferred appeal before the CIT(A) but remained unsuccessful. 7. Before us, the ld. counsel for the assessee has submitted that neither any incriminating material nor any unexplained expenditure was found during the search action in respect of the aforesaid Rs. 15 lacs surrendered by the assessee company. That the amount of Rs. 15 lacs was surrendered as business incom....

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.... set off of any loss) shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause (a) [and clause (b)] of sub-section (1).] We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is concerned, the AO has not pointed out any unexplained credit in the books of account, any unexplained investment, any unexplained money, bullion or jewellery, any unexplained expenditure or any amount of loan repaid in the assessment order in this respect. Therefore, the provisions of Section 68, 69, 69A, 69B, 69C an....