Section115bbe

Section 115bbe suggests that the Assessing Officer may trigger the provisions of Section 115BBE of the Act read with Section 68 of the Act. This means that when individual is unable to demonstrate / substantiate the source of such income (as regards the payer, etc.) and the Assessing Officer rejects the explanation, being not properly explained to his satisfaction, then such income, though already offered to tax by the taxpayer, would be taxable at flat rate of 30 per cent on gross basis.

Also read 

• Penalty in case of misreported income will be @ 200% of the tax payable thereon [Section 270A(8)];