confirming the action
of the AO in invoking the provisions of section 115BBE of the Act in respect of
disallowance of interest made without considering ... deeming provisions of the Act and therefore, the provisions of section
115BBE of the Act could not have been invoked in the appellant
income u/s 69B against tax charged at special rate u/s
115BBE."
2. Briefly the facts of the case are that the assessee ... business loss against the excess
stock by applying the provisions of section 115BBE and relied on the decision
of Hon'ble Punjab and Haryana
treated and taxed by the Id. AO as per provisions of
section 115BBE of the Act and assuming jurisdiction ... assessee, should have been treated and taxed as per provisions of section 115BBE of the
Income-tax Act, 1961.
6.Accordingly, a show cause notice
while calculating the tax
rate as per provisions of Section 115BBE of the Act.
4. At the outset, the ld AR of the assessee ... normal rate instead of 30% as per the provisions of sec. 115BBE of the Act.
Accordingly, the AO issued a show-cause notice
Deputy Commissioner Of Income Tax, ... vs Swastik Spaces Limited, Mumbai on 28 November, 2018
आयकर
erred in
holding that the amended provisions of section 115BBE are not applicable
in the assessee's case since the search was conducted ... without appreciating that the provisions of section 115BBE are effective
from 01.042017 i.e. for the entire A.Y.2017-18 and that the date
erred in holding that the amended provisions of section 115BBE are not
applicable for A.Y. 2017-18 without appreciating that the provisions
upholding the charging of tax @ 60% applying the provisions
of Section 115BBE which are not applicable in the facts of the case and as such ... return of income @
30%, however, as per the provisions of Section 115BBE read with
Section 69 and 69A , the amount so surrendered is taxable
income from
business to other sources by invoking the provision of Section
115BBE of the Income Tax Act, in doingso, the learned CIT(A)
erred ... confirming the applicability of provision ofSection
115BBE of the Income Tax Act, 1961.
3. The learned CIT(A) ought to have seen that the only
income from other sources" and applied the provisions
of section 115BBE of the Act.
7. In appeal, the learned CIT (A) upheld the action ... taxed the same as per provisions of Section 115BBE at 30%
without giving benefit of slabs.
Going into facts of the case, it is seen
