is tax under section 69 subject to slab rate
plz tell me
4 Replies
CS RAJESH C.CHOUDHARY
(ASSISTANT MANAGER)
(14607 Points)
Replied 26 November 2011
please elaborate your query.
CS RAJESH C.CHOUDHARY
(ASSISTANT MANAGER)
(14607 Points)
Replied 27 November 2011
section 69 is for unexplained investment. 2 conditions must satisfy in order to attract section 69 1] investment must not be recorded in the books of a/c AND 2] assasse can't give any satisfactory explanation to AO as to the source of such investment both the conditions must be fulfilled to attract section 69. if both of these conditions fulfilled then After making the addition , the AO may initiate the penalty under section 271(1)(c) either for concealment of particulars of income or for furnishing inaccurate particulars of income depending on the nature of addition made by him. so the penalty depends on the nature of addition made by AO. ok. i think there is no slab rate.
Vikas
(CA)
(1135 Points)
Replied 27 November 2011
yes of course...
it subject to the slab rate (individual/HUF), as it is added to the total income...
Z
( )
(2965 Points)
Replied 27 November 2011
Value of investment is deemed to be income of thay F/Y in which the investment was made and charged u/c Income from other sources( Madras HC in 212 CTR 539 ) or business income (no slab rate) Cal HC in 48 ITR 254; 64 ITR 593; 201 ITR 747
It depends upon the facts of the case.
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