Excess cash found during course of Survey shall not be taxed under head of Business Income attracts Higher Tax Rate u/s 115BBE of Income Tax Act: ITAT [Read Order]

By Aparna. M - On August 10, 2023 6:30 am - 2 mins read

Excess cash - Excess cash found during course of Survey - course of Survey - Excess cash found during course of Survey shall not be taxed under head of Business income Attracts Higher tax rate - taxscan

The Income Tax Appellate Tribunal (ITAT) Indore bench held that excess cash found during course of survey should not be taxed under head of business income .Therefore it would attract higher tax rate under Section 115BBE of income Tax Act, 1961 Brij Mohandas Devi Prasad, the taxpayer, is a partnership firm engaged in the retail…

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