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Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked revision u/s 263, alleging AO didn't inquire about surrendered income's nature. ITAT held PCIT's finding unsustainable as AO conducted due inquiry, assessee voluntarily surrendered professional receipts, disclosed and audited them, and AO's acceptance accorded with judicial precedents. PCIT didn't examine survey records to substantiate error, merely stating AO didn't inquire without evidence. ITAT ruled PCIT lacked valid jurisdiction for revision.
Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked revision u/s 263, alleging AO didn't inquire about surrendered income's nature. ITAT held PCIT's finding unsustainable as AO conducted due inquiry, assessee voluntarily surrendered professional receipts, disclosed and audited them, and AO's acceptance accorded with judicial precedents. PCIT didn't examine survey records to substantiate error, merely stating AO didn't inquire without evidence. ITAT ruled PCIT lacked valid jurisdiction for revision.
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