https://www.taxtmi.com/caselaws?id=310832 The ITAT Delhi set aside the PCIT's revision order u/s 263 regarding tax rate on surrendered income during survey operations. The PCIT contended that income surrendered and shown as "income from other sources" should be taxed at 60% under amended section 115BBE instead of 30%. The ITAT held this was a debatable issue not warranting section 263 jurisdiction, as the amended provisions don't specifically cover income surrendered during search operations. The surrendered amount, being additional business income, retained its character despite inadvertent classification. The AO's assessment order was restored, favoring the assessee. en-us Wed, 30 Nov 2022 00:00:00 +0530 Tue, 21 Nov 2023 08:35:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310832 The ITAT Delhi set aside the PCIT's revision order u/s 263 regarding tax rate on surrendered income during survey operations. The PCIT contended that income surrendered and shown as "income from other sources" should be taxed at 60% under amended section 115BBE instead of 30%. The ITAT held this was a debatable issue not warranting section 263 jurisdiction, as the amended provisions don't specifically cover income surrendered during search operations. The surrendered amount, being additional business income, retained its character despite inadvertent classification. The AO's assessment order was restored, favoring the assessee. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310832