https://www.taxtmi.com/caselaws?id=435370 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263, holding that the Assessing Officer (AO) had conducted a proper inquiry and the assessment order was neither erroneous nor prejudicial to the interest of the revenue. The Tribunal found that the PCIT had not adequately justified the assumption of jurisdiction based on an audit objection. It emphasized that the surrendered income was properly treated as business income by the AO, and the attempt to apply a higher tax rate under Section 115BBE was deemed improper. The appeals of the assessees were allowed. en-us Thu, 12 Jan 2023 00:00:00 +0530 Fri, 17 Mar 2023 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435370 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263, holding that the Assessing Officer (AO) had conducted a proper inquiry and the assessment order was neither erroneous nor prejudicial to the interest of the revenue. The Tribunal found that the PCIT had not adequately justified the assumption of jurisdiction based on an audit objection. It emphasized that the surrendered income was properly treated as business income by the AO, and the attempt to apply a higher tax rate under Section 115BBE was deemed improper. The appeals of the assessees were allowed. Case-Laws Income Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435370