https://www.taxtmi.com/caselaws?id=431663 The Tribunal ruled in favor of the assessee, holding that the Principal Commissioner of Income Tax's revisional order under Section 263 was unsustainable. The Tribunal emphasized that the Principal Commissioner exceeded the limited scrutiny scope by directing a reassessment based on undisclosed income chargeable under Section 115BBE, which was not part of the specified issues for scrutiny. Additionally, the Tribunal found that the application of Section 68 was incorrect as the investment was declared by the assessee without any credit in the books, leading to the conclusion that the revisional order lacked legal support and factual basis. en-us Wed, 19 Oct 2022 00:00:00 +0530 Sat, 17 Dec 2022 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431663 The Tribunal ruled in favor of the assessee, holding that the Principal Commissioner of Income Tax's revisional order under Section 263 was unsustainable. The Tribunal emphasized that the Principal Commissioner exceeded the limited scrutiny scope by directing a reassessment based on undisclosed income chargeable under Section 115BBE, which was not part of the specified issues for scrutiny. Additionally, the Tribunal found that the application of Section 68 was incorrect as the investment was declared by the assessee without any credit in the books, leading to the conclusion that the revisional order lacked legal support and factual basis. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431663