Held that at the time of search and seizure operation itself, the assessee had explained the source of the amount offered as income to be the profit derived from \u201ccommodity trade\u201d, which was in the nature of business income. There was nothing on record to suggest that the assessee\u2019s explanation had either been doubted or disputed at the time of the search and seizure operation or even during the assessment proceedings. A reading of section\u00a0115BBE\u00a0of the Act makes it clear that the special rate of tax provided under the provision shall be applicable under two conditions. Firstly, where the total income includes any income referred to in section\u00a068,\u00a069,\u00a069A,\u00a069B,\u00a069C\u00a0or\u00a069D\u00a0and reflected in the return of income under section\u00a0139\u00a0of the Act. Secondly, if the income determined by the Assessing Officer includes any income referred to in section\u00a068,\u00a069,\u00a069A,\u00a069B,\u00a069C\u00a0or\u00a069D, if such income is not covered under the first condition. Admittedly, the assessee had not offered the income under section\u00a069A\u00a0of the Act. Even, the Assessing Officer had not made any separate addition under section\u00a069A\u00a0of the Act and had merely recharacterised the nature of income offered by the assessee.. On the facts \u00a0the income offered by the assessee could not be treated as unexplained money, and the provisions of section\u00a0115BBE\u00a0would not be applicable to the facts of the present\u00a0 AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69A : Unexplained money-Search-loose papers-Commodity trade-Recharacterising nature of income offered by assessee-Surrendered income cannot be treated as unexplained money-Provision of section 115BBE cannot be applied.[S. 68, 69, 69A, 69B, 69C 69D, 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-45255","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bLV","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45255","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=45255"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45255\/revisions"}],"predecessor-version":[{"id":45256,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45255\/revisions\/45256"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}