2025 (12) TMI 1180

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....owed the appeal filed by the assessee-respondent herein, and set aside the rectification order dated 28.02.2023, passed u/s 154 of the Act as regards the assessment year 2018-19. 3. Arguments heard. File perused. Assessment Order 4. As per record, vide assessment order dated 27.12.2019, the Assessing Officer computed total income of the assessee, relating to the assessment year 2018-19 as under:- "7. After examination of the information and details placed on record, the total income of the assessee is computed as under:- Gross Income Rs. 6,27,307/- Deduction under Chapter VIA Rs. 0 Unaccounted on-money Rs. 3,96,05,000/- Disallowance of expense Rs. 24,253/- Net Income Rs. 4,02,56,560/- Asses....

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....n the eyes of law then any further statement recorded u/s 131 of the Act that too after Hon'ble ITSC order, it shall not be sufficient to make addition in the assessee's case. In view of the factual matrix, we hold that the Id CIT(A) has erred in ITA NO. 587/JP/2024 SRISHTI ASSOCIATES VS ACIT, CENTRAL CIRCLE, KOTA confirming the addition in all the four years. In this view of the matter, the appeals of the assessee are allowed." The Hon'ble ITAT, Jaipur has deleted the addition of Rs. 3,96,05,000/- made in the hands of the appellant. As the addition made by the Assessing Officer has been deleted by Hon'ble ITAT, Jaipur bench, so chargeability of 60% tax u/s 115BBE is not relevant now. Accordingly, the ground of appe....

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.... in the assessment order dated 27.12.2019 i.e. the above said income of Rs. 3,96,05,000/-, on account of "unaccounted on-money" having been treated as undisclosed income as per provisions of section 69A of the Act, which was actually required to be taxed as per provisions of section 115BBE of the Act i.e. @ 60%, but the assessment order was passed while assessing tax and applying tax rate of 30% instead of 60% as regards said income. 9. The assessee filed its reply to the above said notice dated 15.02.2023. Ultimately, rectification order dated 28.02.2023 was passed while observing that the mistake was apparent from record calling for rectification u/s 154 of the Act, as regards applicability of the provisions of section 115BBE of the....