๐๐ง๐๐จ๐ฆ๐ย ๐จ๐๐๐๐ซ๐๐ย ๐ญ๐จย ๐ญ๐๐ฑย ๐ฌ๐ฎ๐ซ๐ซ๐๐ง๐๐๐ซ๐๐ย ๐๐ฎ๐ซ๐ข๐ง๐ ย ๐ญ๐ก๐ย ๐ฌ๐๐๐ซ๐๐กย &ย ๐ฌ๐๐ข๐ณ๐ฎ๐ซ๐ย ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐จ๐งย ๐๐ฒย ๐๐ฑ๐ฉ๐ฅ๐๐ข๐ง๐ข๐ง๐ ย ๐ญ๐ก๐ย ๐ฌ๐จ๐ฎ๐ซ๐๐ย ๐จ๐ย ๐ข๐ง๐๐จ๐ฆ๐ย ๐๐๐ง๐ง๐จ๐ญย ๐๐ย ๐ฌ๐ฎ๐๐ฃ๐๐๐ญย ๐ญ๐จย ๐ฌ๐ฉ๐๐๐ข๐๐ฅย ๐ซ๐๐ญ๏ฟฝ๏ฟฝย ๐จ๐ย ๐ญ๐๐ฑย ๐ฎ๐ง๐๐๐ซย ๐ฌ๐๐๐ญ๐ข๐จ๐งย 115๐๐๐ย ๐จ๐ย ๐ญ๐ก๐ย ๐๐ง๐๐จ๐ฆ๐-๐ญ๐๐ฑย ๐๐๐ญ
In the case of DCIT, Ghaziabad v/s Tapesh Tyagi [ITA No. 1344 / Del / 2021], Delhi Tribunal held that income surrendered during search & seizure and offered to tax by explaining the source of income by the assessee cannot be subject to special rate of tax under section 115BBE of the Income-tax Act in respect of unexplained money [section 69A].
ย Further, such income is taxed under normal rate of tax. Therefore, dismissed the appeal filed by the Tax Authorities.
Further, the lower authorities had also not doubted or disputed the source of income at the time of search & seizure operation or even during the assessment proceedings and the assessing officer has not made any separate addition under Section 69A of the Act. He has merely re-characterized the nature of income offered by the assessee.
The case details is as under:
DCIT, Ghaziabad
v/s
Tapesh Tyagi
[ITA No. 1344 / Del / 2021]
