chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the amount of income-tax computed under ... chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the "advance tax" computed under the first
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
which tax rate
was to be charged as per provision of section 115BBE of the I.T.Act. But
during the tax calculation ... rate on surrendered income u/s
115BBE of the I.T.Act, has applied as per 30% but as per second
amendment in provision
assessee in Survey
proceedings by applying the provisions of section 115BBE(1) of
the Income Tax Act 1961 and thus taxing the Income declared ... surrendered income as per the
provisions of Section 115BBE of the Act.
4. Aggrieved assessee preferred appeal before Ld. CIT(A) but
failed to succeed
loss from the additional
income holding that the amendment brought to section 115BBE of the
Income Tax Act, 1961 (in short ... allowability of set-off of losses
against the deemed income under section 115BBE of the Income-tax Act,
1961 prior to assessment-year
DCIT in not
completing the assessment as per the provisions of
sec 115BBE as applicable to AY 2014-15. (Tax
Effect ... loss from the additional
income holding that the amendment brought to section 115BBE of the
Income Tax Act, 1961 (in short
against declared
profit by wrongly invoking provisions of section 115BBE of the I.T.
Act, 1961.
3
ITA 1256/JP/2019 & 5 Ors appeals ... eligible for set off against
declared profit by wrongly invoking sec. 115BBE of the Act. The present
appeal is against the order
action of the Ld. Assessing Officer in imposing a tax
u/s 115BBE@ 60% on the sum of Rs. 1.00 crore.
3. That ... bring to
tax the amount of Rs 2.64 crores u/s 115BBE .
3. Vide Ground No. 1 and 2 the grievance of the assessee relates
provided so in the said section itself, as is provided in
section 115BBE of the Act (inserted by the Finance ... taxation of income at specified rate, as referred to in
section 115BBE and section HSBBDA of the Act, we would like
to further elaborate
prejudice to Ground I
Ground II: Total income referred to in section 115BBE(1) of
the Act is the positive amount if any, arrived ... section 69A of the Act and consequently the provisions of Section
115BBE(1) are not applicable to the facts of the Appellant's case
