https://www.taxtmi.com/caselaws?id=445895 ITAT Chandigarh set aside Pr. CIT's revision order u/s 263 regarding income surrendered during survey proceedings. Assessee surrendered amounts for unexplained cash, advances, and equipment during survey of orthopaedic/dental clinic. ITAT held that since assessee provided explanation linking surrendered income to business operations since 2014, it constituted business income rather than unexplained income under sections 69-69D. Deeming provisions of section 115BBE were not applicable as transactions, though unrecorded, had established business nexus. AO's assessment as business income was proper after due inquiry. Pr. CIT's order lacked findings on applicability of deeming provisions. Appeal decided in favour of assessee. en-us Thu, 17 Aug 2023 00:00:00 +0530 Fri, 01 Dec 2023 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445895 ITAT Chandigarh set aside Pr. CIT's revision order u/s 263 regarding income surrendered during survey proceedings. Assessee surrendered amounts for unexplained cash, advances, and equipment during survey of orthopaedic/dental clinic. ITAT held that since assessee provided explanation linking surrendered income to business operations since 2014, it constituted business income rather than unexplained income under sections 69-69D. Deeming provisions of section 115BBE were not applicable as transactions, though unrecorded, had established business nexus. AO's assessment as business income was proper after due inquiry. Pr. CIT's order lacked findings on applicability of deeming provisions. Appeal decided in favour of assessee. Case-Laws Income Tax Thu, 17 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445895