DCIT, Central Circle-1, Aurangabad. Vs. Shri Satya Saibaba Construction

Parties Involved

Facts Summary

The respondent-assessee, a Partnership firm engaged in the business of execution of Govt. Civil Contracts, filed a return of income for the Assessment Year 2018-19 declaring total income of Rs.10,86,33,236/-. The Assessing Officer taxed a sum of Rs.2,99,35,925/- as excess stock declared during the course of survey proceedings. The respondent-assessee filed an appeal before the Commissioner of Income Tax (Appeals)-12, Pune, who held that the additional income cannot be taxed as deemed income under section 69B and should be brought to tax under the head 'Business Income'. The Revenue appealed to the Tribunal challenging the correctness of the order.…

Legal Issues

• 1. Applicability of provisions of section 115BBE of the Act in respect of income declared during the course of survey proceedings and offered to tax in the return of income.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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