income, other income amounting to Rs.1.51
crore has also been declared by assessee-company. Such other
income is the income disclosed during ... income shall for the purpose of
charge of income-tax and computation of total income be
classified under six heads of income", namely
entire surrendered income to tax and
denied the set off of losses. The Ld.CIT(A) treated the
entire surrendered income as deemed income ... treated the Surrendered Income as
Business Income and allowed the set off of current
years losses and unabsorbed depreciation from the
surrendered income
income declaring the said income as 'business income' and even the
Assessing officer has accepted the said income as 'business income ... income by the assessee under the head "Income from
business or profession".Rather, the AO has accepted the said income as
business income
order
dated 30.3.2017 passed by the Commissioner of Income-tax (CIT), u/s
263 of the Income-tax Act, 1961 ('the Act') setting ... Vijay Oswal ITO [2003] 87
ITO 95 (Rajkot)(Trib).
4. Total income of the assessee was Rs. 7,41,07,848 including surrender income
furnished her return of income on 03.02.2016 declaring total income of
Rs. 9,52,83,580/- which includes the income ... assessee is undisclosed
income in terms of section 271AAB of the Act. For bringing the income surrendered
by the assessee in the fold of undisclosed
only when return of income is scrutinized by
Assessing Officer and he finds some more items of income or
additional income over and above what ... income of Rs.
8,13,41,547/- as undisclosed income. Because the assessee was
maintaining a separate account for the income surrendered
during the course
relief of Rs. 1.75 Cr. To the assessee on account of
surrendered income against the addition made by the AO on the basis ... payable which were surrendered
during search and already accepted and taxed during the assessment year;
2011-12.
4. The Ld. CIT(A) has erred
2014, the breakup of the 'surrendered income' amongst 4 companies of the
group was provided as follows:
S.No. Name of the assessee ... available on the other. However, no income was declared for these
years in the Return of Income, although surrendered income of the Group included
shown as income in addition to the income returned in the original return of income.
5. The assessee claimed that the amount surrendered ... disclosing the surrendered income in the return of income also claimed refund to taxes paid on the additional income that was surrendered at the time
Others, Bhopal
as business income in returns of income filed and they have
been accepted and assessed as business income only and in
this manner ... surrendered income has been offered as business income in returns of
income filed and they have been accepted and assessed as business
income only
