Additional income surrendered during course of Survey Proceedings shall not be taxed at 60% u/s 115BBE of Income Tax Act: ITAT quashes Revision Order [Read Order]

By Aparna. M - On September 20, 2023 7:00 pm - 2 mins read
Additional income - surrendered - course - Survey Proceedings - taxed - Income Tax - ITAT - quashes Revision Order - taxscan

The Income Tax Appellate Tribunal (ITAT) Delhi  bench held that additional income surrendered during the course of survey proceedings should not be taxed at 60% under Section 115BBE of the Income Tax Act, 1961. Therefore the bench quashed the revision order. Assessee surrendered additional income of Rs. 30,00,000/- during the course of survey proceedings. Thereafter…

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