Is unexplained surrendered income taxed at a higher rate u/s 115BBE?

Last updated: 15 October 2021

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This Income Tax Appellate Tribunal case concerns a doctor who surrendered Rs. 50 lakhs following a survey at his business premises. While the assessee argued the surrendered income was from his medical profession and paid advance tax at normal rates, the tribunal agreed with the Principal CIT. They found the Assessing Officer had accepted the surrender without sufficient inquiry, despite the survey materials not clarifying the income's nature and the assessee offering no explanation.

Court :
ITAT Chandigarh

Brief :
The present appeal has been preferred by the assessee against the order of the Learned Principal Commissioner of Income Tax, Patiala [ ( in short the ‘Ld. Pr. CIT dated 31.03.2021 relating to assessment year 2017-18.

Citation :
ITA No.59/Chd/2021

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Attached File : 1442821_4548_1633598383_59_21_krishan_gopal_singla.pdf

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Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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