Undisclosed Money Lending Business Income Taxable as Business Income; Section 69 & 115BBE Provisions Inapplicable

Rameshlal Kailash Vs ITO (ITAT Chennai) The case of Rameshlal Kailash vs. ITO (ITAT Chennai) revolves around the assessment year 2017-18 and centers on the taxation of income derived from a family-run money lending business. The Income Tax Appellate Tribunal (ITAT) Chennai upheld the addition of excess income as ‘business income,’ despite initial categorization challenges by the Assessing Officer (AO). Assessment Proceedings: During the assessment, it was discovered that the assessee, engaged in money lending for over two decades, had made significant cash deposits during the demon...