https://www.taxtmi.com/caselaws?id=417427 The Tribunal allowed the appeal, finding the PCIT's revision order under section 263 for the assessment year 2015-16 unjustified and invalid. The addition on unexplained cash deposits was deemed erroneous, as it should have been taxed under section 115BBE(1) at a flat rate of 30%. The Tribunal emphasized the importance of a reasonable basis for revisionary actions and considering practical and moral aspects in tax assessments. en-us Thu, 20 Jan 2022 00:00:00 +0530 Sat, 22 Jan 2022 08:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417427 The Tribunal allowed the appeal, finding the PCIT's revision order under section 263 for the assessment year 2015-16 unjustified and invalid. The addition on unexplained cash deposits was deemed erroneous, as it should have been taxed under section 115BBE(1) at a flat rate of 30%. The Tribunal emphasized the importance of a reasonable basis for revisionary actions and considering practical and moral aspects in tax assessments. Case-Laws Income Tax Thu, 20 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417427