https://www.taxtmi.com/caselaws?id=435394 The Tribunal annulled the PCIT's order under section 263 of the Income Tax Act, 1961, reinstating the assessment order dated 11.06.2019. It determined that the PCIT's jurisdiction was improperly assumed, as the surrendered income had been adequately scrutinized by the AO. The Tribunal concluded that the surrendered income was correctly assessed as business income, not subject to section 115BBE, and the PCIT's reliance on audit objections lacked statutory basis. The appeal by the assessee was allowed, affirming the assessment at the normal tax rate. en-us Fri, 17 Mar 2023 00:00:00 +0530 Wed, 18 Dec 2024 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435394 The Tribunal annulled the PCIT's order under section 263 of the Income Tax Act, 1961, reinstating the assessment order dated 11.06.2019. It determined that the PCIT's jurisdiction was improperly assumed, as the surrendered income had been adequately scrutinized by the AO. The Tribunal concluded that the surrendered income was correctly assessed as business income, not subject to section 115BBE, and the PCIT's reliance on audit objections lacked statutory basis. The appeal by the assessee was allowed, affirming the assessment at the normal tax rate. Case-Laws Income Tax Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435394