Assessee appeals that the Ld. CIT(A) has erred in law and facts of the case by upholding the taxation of income surrendered u/s 1115BBE

Last updated: 03 June 2021
Quick Summary
This appeal concerns the taxation of surrendered income under Section 115BBE of the Income Tax Act. The assessee argues that the Commissioner of Income Tax (Appeals) erred by upholding the higher tax rate, as the surrendered income was declared under 'Income from business or profession' and did not fall under specific sections like 68, 69, 69A, 69B, 69C, or 69D. The assessee contends that the income should be taxed at the normal business income rate.

Court :
ITAT Chandigarh

Brief :
The present appeal has been preferred by the assessee gainst the order dated 27.05.2019 of the Commissioner of Income Tax (Appeals)-5, Ludhiana [hereinafter referred to as ‘CIT(A)’].

Citation :
ITA No. 1127/C HD /2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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