https://www.taxtmi.com/caselaws?id=440700 The Tribunal upheld the revision order passed by the Principal Commissioner of Income-Tax (PCIT) under Section 263, determining that the assessment order was erroneous and prejudicial to the revenue's interest due to the incorrect application of tax rates on excess stock and cash. The income from excess stock and cash was held to be taxable under Sections 69 and 69A, respectively, with taxation at the higher rate under Section 115BBE. The Tribunal found the statements recorded during the survey to be of evidentiary value, and the higher tax rate under Section 115BBE was deemed applicable for the assessment year 2017-18. en-us Fri, 02 Dec 2022 00:00:00 +0530 Tue, 25 Jul 2023 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440700 The Tribunal upheld the revision order passed by the Principal Commissioner of Income-Tax (PCIT) under Section 263, determining that the assessment order was erroneous and prejudicial to the revenue's interest due to the incorrect application of tax rates on excess stock and cash. The income from excess stock and cash was held to be taxable under Sections 69 and 69A, respectively, with taxation at the higher rate under Section 115BBE. The Tribunal found the statements recorded during the survey to be of evidentiary value, and the higher tax rate under Section 115BBE was deemed applicable for the assessment year 2017-18. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440700