Voluntarily disclosed income in return cannot be taxed under section 115BBE

Hiralal Vijawat Vs ACIT/DCIT (ITAT Jaipur) Income surrendered during survey and accounted as business income should not attract section 115BBE rates, clarifying application of sections 69, 69A, and 69B. In Hiralal Vijawat vs ACIT/DCIT (ITAT Jaipur), the assessee challenged the application of section 115BBE of the Income Tax Act to income voluntarily disclosed during a survey under section 133A for AY 2019-20. During the survey on 16/01/2019, discrepancies were found between stock, cash, and the books of account, along with unrecorded transactions such as cash given to debtors and investments i...