https://www.taxtmi.com/caselaws?id=396088 The ITAT upheld the CIT(A)'s decision in favor of the assessee, dismissing the Revenue's appeal. The AO's application of section 115BBE on surrendered investment during survey proceedings was deemed unjustified as section 69 requirements were not satisfied. The AO had initially accepted the surrendered income under the head of business income without invoking section 69 during assessment. Therefore, the ITAT concluded that the AO's subsequent attempt to tax the surrendered stock under section 115BBE through a notice u/s 154 was not warranted. en-us Tue, 09 Jun 2020 00:00:00 +0530 Sat, 20 Jun 2020 07:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396088 The ITAT upheld the CIT(A)'s decision in favor of the assessee, dismissing the Revenue's appeal. The AO's application of section 115BBE on surrendered investment during survey proceedings was deemed unjustified as section 69 requirements were not satisfied. The AO had initially accepted the surrendered income under the head of business income without invoking section 69 during assessment. Therefore, the ITAT concluded that the AO's subsequent attempt to tax the surrendered stock under section 115BBE through a notice u/s 154 was not warranted. Case-Laws Income Tax Tue, 09 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396088