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of <h1>Revision under s.263 upheld: unexplained bank deposits treated as non-business income; set-off of brought-forward losses disallowed</h1> <h3>Shri Ram Baburao Salve Versus ITO Ward-17 (3) (1), Mumbai</h3> Shri Ram Baburao Salve Versus ITO Ward-17 (3) (1), Mumbai - TMI Assessee, a transport and container-handling contractor, filed return declaring Rs.13.15 lakhs. Assessment u/s.143(3) added unexplained bank deposits of Rs.1,59,93,300 u/s.68 and treated them as 'business income', allowing set-off of brought-forward losses. Principal CIT held that the addition 'should not have been treated as 'business income'' but 'should have been assessed as income from other sources', concluding the assessment order was 'erroneous and prejudicial to the interest of Revenue' and directed reassessment of the unexplained deposits under the head 'income from other sources' after giving the assessee an opportunity of hearing. Assessee did not appear at the ITAT hearing despite service and filed no material to show the AO examined or reasonably took a contrary view. ITAT, after hearing the Departmental Representative, confirmed the revision order and dismissed the appeal.
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