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Non-application of Sections 69 and 115BBE by the Assessing Officer (AO) upheld. Assessee had only one source of income, therefore AO did not err in not invoking Section 115BBE. Additionally, the amendment to Section 115BBE came into force after the survey on the assessee, hence AO correctly did not apply it. Reliance placed on ITAT Surat ruling in Samir Shantilal Mehta's case, where addition made u/s 115BBE was held unsustainable as the search preceded the amendment. Consequently, the assessment order was not erroneous or prejudicial to Revenue's interest, and the assessee's appeal allowed.
Non-application of Sections 69 and 115BBE by the Assessing Officer (AO) upheld. Assessee had only one source of income, therefore AO did not err in not invoking Section 115BBE. Additionally, the amendment to Section 115BBE came into force after the survey on the assessee, hence AO correctly did not apply it. Reliance placed on ITAT Surat ruling in Samir Shantilal Mehta's case, where addition made u/s 115BBE was held unsustainable as the search preceded the amendment. Consequently, the assessment order was not erroneous or prejudicial to Revenue's interest, and the assessee's appeal allowed.
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