Held that apart from business of manufacture of jewellery, the assessee did not have any other line of business or source of income. Therefore to treat the unexplained income as derived from a source other than the business activity of the assessee would be assessing the income on surmises and conjectures when the assessee had made a disclosure with reference to the seized documents as other undisclosed income in the profit and loss account. Therefore the provisions of section\u00a068\u00a0read with section\u00a0115BBE\u00a0of the Act were wrongly invoked. Section\u00a068\u00a0of the Act can be invoked only where any sum is found credited in the books of account maintained by the assessee in the previous year and the assessee offers no explanation about the source and nature thereof. In the assessee\u2019s case there was no sum credited in the books but an income disclosed during the course of search with reference to incriminating material was shown with respect to which the provisions of section\u00a068\u00a0could not be invoked. Addition is deleted. (AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 68 : Cash credits-Surrender of income-Business income-Survey-No sum credited in books-Cannot be assessed as income from undisclosed source. [S.115BBE, 132,133A] <\/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-50315","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d5x","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50315","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=50315"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50315\/revisions"}],"predecessor-version":[{"id":50316,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50315\/revisions\/50316"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}