Declared additional income taxable as business income & not deemed income

Karthik Estate Vs Principal Commissioner of Income [Central] (ITAT Bangalore)

ITAT Bangalore Held that declared additional income offered to tax as business income is sustainable when the only source of income is business income. Hence, the provisions of section 115BBE cannot be invoked to tax the income as ‘deemed income’.

Facts-

The case of the assessee was selected for scrutiny and notice u/s. 143(2) was served on the assessee. Th

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