Deeming section 69 doesn’t apply when source of surrendered income proved to be business income

Sharp Chucks and Machines Pvt. Ltd. Vs DCIT (ITAT Amritsar) ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act. Facts- A survey was conducted at the business premises of the assessee on 15.07.2016 and thus, it was submitted that this case was not covered by the demonetization period and the appellant to settle the case based on discrepancy noticed by the survey team made a surrendered of sum of 1.61 crores as additional business income for financial ...