Query:- (i) Can the surrender of stock be treated as undisclosed u/s 69 of the Act? (ii) Application of section 115 BBE is correct in law or it can be treated as business income taxable at normal rate? (iii) Is it possible to apply 115BBE by passing 154 order when section 69 is not applied?
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Does 115BBE apply to amount declared during survey u/s 133A?
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Survey u/s 133A took place at the premises of builder on 19.03.2019, wherein a diary containing details of on-money received by the said builder was found. On the basis of noting on the said diary, the assessments were completed in the hands of the builder for A.Y 2013-14 to A.Y 2017-18, wherein the additions about the on-money were made. The additions made by the AO were confirmed by the CIT(A) as well as the Tribunal. AO relying upon an explanation 1(v) to section 148, has issued notice u/s 148A to the purchasers of the flats/shops from the builder on the…
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Assessee is trader of land During the course of survey U/Sec. 133A some sale deed along with note about acceptance of cash consideration is mention. Assessee accept that it is for the sale of land . Simillarly these are notings found for purchase of land also . Whether unrecorded sale consideration it will be taxed as normal business income as assessee has offer the explanation and also given the source of the same. Or it will be taxed under Sec. 115BBE. Whether assessee can Take stand that only income or application which is higher to be taxed ? Pl guide…
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Does provision of section 115BBE apply to income declared during survey for current year only?
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In the business premises of A, survey took place, where-in excess stock was found for ` 15 lakh. In the statement recorded during the course of survey the assessee stated that excess stock is due to adjustment of profit by valuation of stock in earlier years and offered for tax in the current year.