Held that\u00a0 during a survey under section\u00a0133A\u00a0carried out at the assessee\u2019s premises, the husband of the assessee in a statement recorded under section\u00a0133A\u00a0\/\u00a0131\u00a0admitted unrecorded income in the case of his wife, the assessee, which consisted of property advances\u00a0 and cash and there was no other known or unknown source of business. Subsequent cash recoveries were made from such trade advances and the cash admitted was incorporated in the regularly maintained books of account. The net effect of the accounting entries and the treatment of the sums was that the unrecorded trade advances and cash in hand were brought in the books of account and formed part of business assets and thereafter used in its day-to-day business. The additional income was in the nature of business income and did not fall under section\u00a068\u00a0or section\u00a069A\u00a0of the Act and consequently section\u00a0115BBE\u00a0could not have been invoked. Therefore, the Principal Commissioner was not justified in invoking the provisions of section\u00a0263 of the Act. \u00a0(AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Real estate business-Income from undisclosed sources-Survey-Unrecorded income-Additional income was business income-Income cannot be assessed under section 115BBE of the Act. [S. 68, 69A, 115BBE, 131] <\/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-37192","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9FS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37192","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=37192"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37192\/revisions"}],"predecessor-version":[{"id":37193,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/37192\/revisions\/37193"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=37192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=37192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}