Taxation of surrendered Additional Income Derived from Business Activities

Gurdeep Singh Ubhi Vs DCIT (ITAT Chandigarh) Introduction: The Income Tax Appellate Tribunal (ITAT) in Chandigarh has recently delivered a landmark judgment in the case of Gurdeep Singh Ubhi Vs Deputy Commissioner of Income Tax (DCIT). The ruling clarifies the taxation of additional income from business activities that does not emanate from any unexplained sources. The decision challenges the application of Section 115BBE of the Income Tax Act, 1961, asserting that such income should be taxed at normal rates applicable to business income. Analysis: In this case, Gurdeep Singh Ubhi, a small bus...