In course of survey proceedings, assessee surrendered certain amount as undisclosed investment in stock.\u00a0 Assessing Officer completed assessment wherein tax was charged at normal slab rate. Subsequently Assessing Officer passed a rectification order under section 154 by holding that section 69 was clearly attracted in assessee’s case and, thus, tax was to be charged in accordance with section 115BBE at rate of 30 per cent.\u00a0 Tribunal held that\u00a0 the Assessing Officer had not invoked provisions of section 69 at first place while passing assessment order under section 143(3), therefore provisions of section 115BBE which were contingent on satisfaction of requirements of section 69, could not be applied by invoking provisions of section154 of the Act. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 154 : Rectification of mistake-Survey-Surrender of income-Undisclosed investment in stock-Provision of section 115BBE was not invoked in the original assessment proceedings-Charge of maximum rate in rectification proceedings is held to be not valid. [S. 69, 143(3) 115BBE] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16686","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4l8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16686"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16686\/revisions"}],"predecessor-version":[{"id":16687,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16686\/revisions\/16687"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}