Interest on Money Lending Declared Under IDS 2016 Not Unexplained: ITAT Jaipur

Inder Kumar Nigotiya Vs ITO (ITAT Jaipur) Interest on Money Lending Declared Under IDS 2016 Not Unexplained – ITAT Jaipur Deletes 69A & 115BBE Tax on IDS Interest Income Tribunal examined whether interest earned on market lending declared under the Income Declaration Scheme (IDS), 2016 could be taxed as unexplained income u/s 69A & subjected to higher tax u/s 115BBE. Assessee, a jeweller, had declared ₹1.5 crore market lending along with interest under IDS 2016 & paid tax @45%. During AY 2017-18, he recovered the lending & also earned interest of ₹11,01,370/-, which he di...