Survey Disclosure Can’t Be Taxed at 115BBE & Cash Tax Payment Isn’t Unexplained – ITAT Gives Major Relief

Narayana Rao Hebri Vs ACIT (ITAT Bangalore) Assessee, a real estate businessman, was subjected to a survey u/s 133A on 27.09.2016, during which he voluntarily offered ₹1,14,20,100 as additional income to “cover up omissions & accounting errors.” He later filed his return including this amount & paid regular tax. The assessment was selected for limited scrutiny only to verify “payment of tax in cash during demonetization.” During demonetization, Assessee had paid ₹24 lakh income tax in cash, & explained that the source was cash withdrawn (₹28.30 lakh) from bank + rent ...