Income Surrendered as business income cannot be treated as deemed income u/s 69A

Brief of the Case ITAT Amritsar held In the case of M/s Dev Raj Hi-Tech Machines Ltd. vs. DCIT that it is apparent that assessee had made a surrender as additional income over and above the normal profits of the concern and since the income has been declared as business income, the same has to be assessed under the head business income and not as deemed income under the provisions of section 69A. Further, the assessee had submitted all details and the Assessing Officer had examined all factors leading to decrease in normal profits as compared to earlier year. As regards surrendered income, the...