Income voluntarily surrendered during survey related to business is taxable as business Income

Parmod Singla Vs ACIT (ITAT Chandigarh) The case of Parmod Singla Vs ACIT revolves around a survey conducted under Section 133A at the business premises of the assessee, Parmod Singla, on 8th July 2016. During this survey, Parmod Singla surrendered an additional income of Rs. 84.80 lakhs, which was subsequently included in his income tax return filed on 23rd March 2018. The Assessing Officer (AO) initiated manual scrutiny to examine whether this surrendered income was correctly accounted for and whether the provisions of Section 69, 69A, and 115BBE of the Income Tax Act applied to tax this inc...