https://www.taxtmi.com/caselaws?id=268566 The Tribunal allowed the appeal, setting aside the CIT's order and upholding the AO's assessment. It held that the surrendered income was business income, not deemed income under Section 69A, as it was credited to the Profit and Loss account. The Tribunal found the AO conducted adequate inquiries and accepted the explanations provided. It deemed the CIT's invocation of Section 263 unjustified, stating that the AO's view was plausible. The appeal was allowed on 7.10.2015. en-us Wed, 07 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 23:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268566 The Tribunal allowed the appeal, setting aside the CIT's order and upholding the AO's assessment. It held that the surrendered income was business income, not deemed income under Section 69A, as it was credited to the Profit and Loss account. The Tribunal found the AO conducted adequate inquiries and accepted the explanations provided. It deemed the CIT's invocation of Section 263 unjustified, stating that the AO's view was plausible. The appeal was allowed on 7.10.2015. Case-Laws Income Tax Wed, 07 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268566