Expenditure from Taxed income cannot be considered as unexplained: ITAT Jaipur

Parshavnath Buildestate Private Limited Vs ACIT/DCIT (ITAT Jaipur) The case Parshavnath Buildestate Private Limited vs ACIT/DCIT (ITAT Jaipur) addressed whether unexplained expenditures declared during a survey under Section 69C of the Income Tax Act can be subject to tax under the special provisions of Section 115BBE. The assessee, engaged in real estate business, was subjected to a survey under Section 133A, during which unrecorded expenditures amounting to ₹2,00,10,200 were discovered. The assessee had disclosed ₹2,01,00,000 as income earned from its business, claiming it as the source ...