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Documents citing M/S Sham Fashion Mall, Chandigarh vs The Dy.C.I.T., Central Circle -1, ... on 22 August, 2022

M/S. S. Ramashandra Setty & Sons, Hassan vs Income Tax Officer, Ward-1 , Hassan on 10 June, 2024

16.4.9 He further relied on the ratio laid down by ITAT Chandigarh Bench in the case of Sham Jewellers V. Dy. CIT (IT Appeal No.375 (Chd) of 2022, dated 22.08.2022, wherein the Tribunal has held as under in the context of the provisions of section 115BBE of the act "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the assessee. The AO has not brought on record any iota of evidence to demonstrate that the assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act.
Income Tax Appellate Tribunal - Bangalore Cites 114 - Cited by 0 - Full Document

Income Tax Officer Ward-1 Hassan, ... vs Ramachandra Setty And Songs, Hassan on 10 June, 2024

16.4.9 He further relied on the ratio laid down by ITAT Chandigarh Bench in the case of Sham Jewellers V. Dy. CIT (IT Appeal No.375 (Chd) of 2022, dated 22.08.2022, wherein the Tribunal has held as under in the context of the provisions of section 115BBE of the act "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the assessee. The AO has not brought on record any iota of evidence to demonstrate that the assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act.
Income Tax Appellate Tribunal - Bangalore Cites 114 - Cited by 0 - Full Document

Income Tax Officer, W-1, Hassan vs Ramachandra Setty & Sons, Hassan on 10 June, 2024

16.4.9 He further relied on the ratio laid down by ITAT Chandigarh Bench in the case of Sham Jewellers V. Dy. CIT (IT Appeal No.375 (Chd) of 2022, dated 22.08.2022, wherein the Tribunal has held as under in the context of the provisions of section 115BBE of the act "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the assessee. The AO has not brought on record any iota of evidence to demonstrate that the assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act.
Income Tax Appellate Tribunal - Bangalore Cites 114 - Cited by 0 - Full Document

Income Tax Officer, W-1, Vijayanagar vs Ramachandra Setty And Sons, Hassan on 10 June, 2024

16.4.9 He further relied on the ratio laid down by ITAT Chandigarh Bench in the case of Sham Jewellers V. Dy. CIT (IT Appeal No.375 (Chd) of 2022, dated 22.08.2022, wherein the Tribunal has held as under in the context of the provisions of section 115BBE of the act "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the assessee. The AO has not brought on record any iota of evidence to demonstrate that the assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act.
Income Tax Appellate Tribunal - Bangalore Cites 114 - Cited by 0 - Full Document

Income Tax Officer W 1, Hassan vs Ramachandra Setty And Sons, Hassan on 10 June, 2024

16.4.9 He further relied on the ratio laid down by ITAT Chandigarh Bench in the case of Sham Jewellers V. Dy. CIT (IT Appeal No.375 (Chd) of 2022, dated 22.08.2022, wherein the Tribunal has held as under in the context of the provisions of section 115BBE of the act "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the assessee. The AO has not brought on record any iota of evidence to demonstrate that the assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the assessee at the rate of 60% in terms of provisions of section 115BBE of the Act.
Income Tax Appellate Tribunal - Bangalore Cites 114 - Cited by 0 - Full Document

Sunil Kumar Gattani,Jaipur vs The Asstt. Commissioner Of Income Tax ... on 13 November, 2025

Section 69, read with sections 69A, 115BBE, 133A and 28(i), of the Income-tax Act, 1961 Unexplained investments (Applicability of provision) - Assessment year 2017-18 - A survey was conducted in business premises of assessee during which assessee surrendered certain amount towards unaccounted advances, stock and cash in hand - Said amount was offered in return of income at rate of 30 per cent but Assessing Officer held that as per provisions of section 115BBE read with sections 69 and 69A, amount so surrendered was taxable of rate of 60 per cent - Whether mere fact that survey/search proceedings have been initiated at business premises of assessee doesn't mandate Assessing officer to automatically invoke deeming provisions of sections 69 and 69A; before invoking deeming provisions, he has to call for explanation of assessee and only where explanation so offered is not found satisfactory, he can proceed and invoke deeming provisions - Held, yes -Whether since assessee had been confronted with not just discrepancy so found during course of survey but nature and source of income surrendered during course of survey proceedings and it was clearly emerging that source of such income was from his business operations, income so surrendered could not be brought to tax under deeming provisions of sections 34 ITA No. 1142/JP/2025 Sunil Kumar Gattani vs. ACIT 69 and 69A and same had been rightly offered to tax under head "business income"- Held, yes [Paras 32 and 33] [In favour of assessee] Hon'ble Chandigarh Bench in case of Sham Jewellers v. Dy. CIT [IT Appeal No. 375 (Chd.) of 2022, dated 22-8-2022] has held as under: "10.17 Ground Nos. 8 & 9 challenge the action of the lower authorities in applying the provisions of section 115BBE and thereby charging tax at the rate of 60%. The main thrust of the arguments of the Ld. AR has been that all the additions made or sustained relate only to the business income of the Assessee and that nowhere in the assessment order has it been alleged that some other source of income had been detected which gave rise to additional income. It is seen that during the course of assessment proceedings, the various explanations submitted by the Assessee have duly mentioned that the surrendered income was derived from the business. A perusal of the assessment order would also show that nowhere in the body of the assessment order, the AO has even contradicted this explanation of the Assessee. The AO has not brought on record any iota of evidence to demonstrate that the Assessee had any other source of income except income from business and, therefore, it is our considered view that deeming such income under the provisions of sections 68 or 69 would not hold good. In our view, in such a situation, the AO could not have legally and validly resorted to taxing the income of the Assessee at the rate of 60% in terms of provisions of section 115BBE of the Act."
Income Tax Appellate Tribunal - Jaipur Cites 56 - Cited by 0 - Full Document
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