Ajay Kumar vs. ITO
Parties Involved
Facts Summary
The assessee's business premise was subjected to a survey under section 133A on 21.09.2016. To make up for the discrepancies of cash, stock, investment, advances, etc., the assessee made a surrender of Rs.75 Lacs in a recorded statement. This surrender was made in the return of income by way of credit to the Profit & Loss Account. The assessee offered the additional income and paid taxes at a rate of 30%. However, the Assessing Officer (AO) considered the provisions of Section 115BBE and opined that a higher rate of 60% would be applicable on this surrender. Accordingly, a demand was raised for additional tax. The Commissioner of Income Tax (Appeals) confirmed the same, against which the assessee is in further appeal before the tribunal.…
Decision in favour of
Partly Assessee
Legal Issues
- 1. To determine the applicable rate of tax on the survey surrender income.
Judgment Outcome
Decided in favour of Partly Assessee.
Precedents Relied Upon
3 precedents cited in this judgement.
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