ITAT Deletes Section 115BBE Tax as Surrendered Income Was Disclosed Before Amendment

Mukesh Agarwal Vs ACIT (ITAT Agra) The ITAT Agra allowed the assessee’s appeal and held that the Assessing Officer was not justified in taxing ₹25 lakh under Section 115BBE of the Income-tax Act. During a survey conducted on 31.08.2016, the assessee voluntarily disclosed ₹75 lakh, comprising ₹50 lakh as business receipts and ₹25 lakh relating to a hospital building under construction. The entire surrendered amount was subsequently offered as business income in the return for AY 2017-18. During assessment proceedings, the assessee produced audited books of account, balance sheet, capi...