In Absence of Separate Source, Surrendered Amount Taxable as Business Income

Deepak Setia Vs DCIT (ITAT Amritsar) The case of Deepak Setia vs. DCIT (ITAT Amritsar) revolves around a tax dispute concerning the classification of income and the subsequent application of tax laws.  Deepak Setia, the appellant, challenged the order of the Commissioner of Income Tax (Appeals)-5, Ludhiana [CIT(A)], which upheld the assessment order passed by the Deputy Commissioner of Income Tax (DCIT), Central Circle-1, Jalandhar. The primary contention was the classification of Rs. 12,50,321 as income from undisclosed sources under section 69A of the Income Tax Act, 1961, and the subseque...