https://www.taxtmi.com/caselaws?id=445901 ITAT Delhi ruled in favor of the assessee in a revision case under section 263. The CIT contended that surrendered income constituted unexplained cash and stock taxable under section 115BBE at 60%, claiming the AO failed to make proper enquiries. The Tribunal found the AO had conducted adequate enquiry through questionnaires, statutory notices, written replies, and verification of books of account. Following precedent in Shri Bharat Malhotra case, ITAT vacated the PCIT's order and restored the original assessment under section 143(3). en-us Mon, 11 Sep 2023 00:00:00 +0530 Tue, 21 Nov 2023 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445901 ITAT Delhi ruled in favor of the assessee in a revision case under section 263. The CIT contended that surrendered income constituted unexplained cash and stock taxable under section 115BBE at 60%, claiming the AO failed to make proper enquiries. The Tribunal found the AO had conducted adequate enquiry through questionnaires, statutory notices, written replies, and verification of books of account. Following precedent in Shri Bharat Malhotra case, ITAT vacated the PCIT's order and restored the original assessment under section 143(3). Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445901