Protection against clutches of 69A not available by mere disclosing and paying tax

Shreeji Infratech Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that provisions of section 69A r.w.s. 115BBE of the Income Tax Act gets applicable as source of undisclosed income admitted during the course of survey not explained. Merely disclosing and paying tax doesn’t protect assessee from clutches of section 69A. Facts- The assessee is engaged in the business of Real Estate Development. Post completion of scrutiny assessment, PCIT noticed that undisclosed income of Rs.1,01,00,000/- admitted during the course of survey u/s 133A of the Act, under the head “Any other income”. Acc...