Sec. 115BBE not applicable on income surrendered by assessee if AO didn’t find unexplained credit in books: ITAT

INCOME TAX : Where director of assessee-company surrendered a certain sum during search, and Assessing Officer treated said sum as income from unexplained sources and invoked provisions of section 115BBE and charged tax at a higher rate, since Assessing Officer had not pointed out any unexplained credit in books of account, provisions of sections 68, 69, 69A, 69B, 69C and 69D were not attracted on surrendered amount and aforesaid surrender not being covered under provisions of sections 68, 69, 6

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315285/sec-115bbe-not-applicable-on-income-surrendered-by-assessee-if-ao-didn’t-find-unexplained-credit-in-books-itat.aspx