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2020 (12) TMI 1382
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....-Ld.ARs. For the Revenue : Shri K.C. Badhok- Ld. CIT- DR. ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER): - 1. Aforesaid appeal by assessee for Assessment Year [in short referred to as 'AY'] 2014-15 contest the order of Ld. Commissioner of Income-Tax(Appeals), Bikaner, [in short referred to as 'CIT(A)'], Appeal No. 472/2016-17 dated 24/09/2019 on following effective grounds:- ....
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....t surrendered income of Rs. 5 Lacs. 2. We have carefully heard the rival submissions and perused relevant material on record including written submissions and documents placed in the paper book. The judicial precedents as relied upon during the course of hearing have duly been deliberated upon. Our adjudication to the subject matter would be as given in succeeding paragraphs. 3. The ass....
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....cted him to pay tax against the same @30% straight. 4. Upon further appeal, Ld. CIT(A) concurred with assessee's submissions that stock of Rs. 20.03 Lacs would not be covered u/s. 69 and therefore, the provisions of Section 115BBE would not be applicable. However, excess cash of Rs. 5 Lacs would not be business income and therefore, the same would be taxed @30%. Aggrieved, the assesse....