Case Law Details
ACIT Vs Devender Rao Gourkanti (ITAT Hyderabad)
Provisions of section 115BBE not attracted when source of income proved
ITAT Hyderabad held that the provisions of section 115BBE of the Income Tax Act are applicable only when the source of income is not disclosed or source of expenditure is not disclosed. Here, as it is proved that unexplained income earned in from real-estate business, provision of section 115BBE.
Facts- The assessee is an individual and partner in M/s. Yashoda Heathcare Services Pvt.Ltd and derives partner’s remuneration and interest on capital. He filed his original return of income declaring total income of Rs.8,56,33,070. A search and seizure operation u/s. 132 of the I.T. Act was conducted in the case of Yashoda Group during which the case of the assessee was also covered. In response to notice u/s. 153A of the I.T. Act, the assessee filed his return of income admitting additional income of Rs.5,07,48,000/- under the head “business & profession”.
During the course of search proceedings, it was noticed that a sum of Rs. 5,08,98,100/- are cash payments pertaining to various concerns and individuals of the Financial Year 2020-2021.
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