https://www.taxtmi.com/caselaws?id=310759 ITAT Visakhapatnam ruled in favor of the assessee in a revision case under section 263. The PCIT challenged the AO's decision to tax additional tobacco stock found during search at 30% instead of 60% under section 115BBE, arguing it should be treated as undisclosed investment under section 69 rather than business income. The tribunal held that two possible views existed regarding excess stock assessment - as business income or unexplained investment. Since the AO had taken a conscious decision after examining explanations and applied one permissible view, the PCIT could not substitute his judgment merely due to difference of opinion. The revision under section 263 was rejected. en-us Mon, 23 Nov 2020 00:00:00 +0530 Sat, 11 Nov 2023 08:26:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310759 ITAT Visakhapatnam ruled in favor of the assessee in a revision case under section 263. The PCIT challenged the AO's decision to tax additional tobacco stock found during search at 30% instead of 60% under section 115BBE, arguing it should be treated as undisclosed investment under section 69 rather than business income. The tribunal held that two possible views existed regarding excess stock assessment - as business income or unexplained investment. Since the AO had taken a conscious decision after examining explanations and applied one permissible view, the PCIT could not substitute his judgment merely due to difference of opinion. The revision under section 263 was rejected. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310759