Section 115BBE Not Applicable to Business Receipts; Only Profit on Cash Deposits Taxable

Chetanbhai Chhaganbhai Sojitra Vs ITO (ITAT Rajkot) The appeal before the ITAT Rajkot concerned Assessment Year 2013–14 and arose from a reassessment order passed under Sections 147 read with 144B of the Income-tax Act, 1961, which was later dealt with by the National Faceless Appeal Centre. The assessee, an individual, had not filed a return of income for the relevant year. Information received through the Insight Portal (ITBA system) indicated substantial cash deposits in the assessee’s bank accounts with HDFC Bank, Jamnagar. During investigation proceedings, summons were issued and the ...