https://www.taxtmi.com/caselaws?id=439851 The Tribunal upheld the original assessment by the Assessing Officer, ruling that the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was unjustified. The surrendered income was considered business income and not subject to the higher tax rate under Section 115BBE. The Tribunal found that the AO had conducted a thorough inquiry, and the PCIT had not shown the AO's order to be erroneous or prejudicial to the Revenue's interest. As a result, the PCIT's order was set aside, and the AO's assessment was upheld, with both appeals by the assessees being allowed. en-us Fri, 12 May 2023 00:00:00 +0530 Tue, 04 Jul 2023 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439851 The Tribunal upheld the original assessment by the Assessing Officer, ruling that the Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was unjustified. The surrendered income was considered business income and not subject to the higher tax rate under Section 115BBE. The Tribunal found that the AO had conducted a thorough inquiry, and the PCIT had not shown the AO's order to be erroneous or prejudicial to the Revenue's interest. As a result, the PCIT's order was set aside, and the AO's assessment was upheld, with both appeals by the assessees being allowed. Case-Laws Income Tax Fri, 12 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439851