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Survey Disclosure Taxable as Business Income If Linked to Regular Operations: ITAT Bangalore
Case Law Details
- Case Name
- DCIT Vs Mangaldeep Chains (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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DCIT Vs Mangaldeep Chains (ITAT Bangalore)
Bangalore ITAT: Business Link Decides Whether Survey Disclosure Attracts s. 115BBE- When “Undisclosed” Becomes “Business” – Tribunal Splits Verdict on Same Assessee’s Two Years
The Revenue filed two appeals against CIT(A)’s orders treating the excess stock found during survey u/s 133A as business income instead of unexplained money/investment taxable u/s 69A/69B r.w.s. 115BBE.
For A.Y. 2017-18, during survey, the partner admitted undisclosed income of ₹18.27 crore but failed to explain the source of such excess stock. ITAT observed th...
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